Skip to main content

Advertisement

Advertisement

Business

Russia's Delimobil targets over US$900 million valuation in US IPO

Russia's Delimobil targets over US$900 million valuation in US IPO

FILE PHOTO: A taxi car drives by Delimobil branded vehicles in Moscow, Russia May 20, 2020. REUTERS/Maxim Shemetov

Russian car-sharing company Delimobil Holding SA said on Monday (Oct 25) it would look to raise as much as US$240 million in a U.S. initial public offering at a valuation of more than US$900 million.

The company plans to sell 20 million American Depositary Shares (ADSs) priced between US$10 and US$12 apiece. Each ADS represents two ordinary shares.

Delimobil was founded in 2015 and is one of Russia's biggest car-sharing providers with a fleet of over 18,000 vehicles in 11 cities. It first announced IPO plans in 2019.

A clutch of companies from the country has gone public this year, clocking the fastest flurry in Russian stock-market listings under the sanctions era that began after Russia annexed Crimea in 2014.

UBS predicted earlier this year that Russian listing volumes could hit US$10 billion this year.

Delimobil's revenue rose to 4.93 billion roubles (US$70.65 million) in the six months ended June 30, from 2.25 billion roubles a year earlier.

It expects to list on the New York Stock Exchange under the ticker symbol "DMOB".

BofA Securities, Citigroup and VTB Capital are the lead underwriters for the offering.

 

(Reporting by Niket Nishant and Manya Saini in Bengaluru; Editing by Shounak Dasgupta and Aditya Soni)

Source: Reuters

Advertisement

Also worth reading

Advertisement