September 26, 2017 / 6:13 AM / a year ago

Russian shoe retailer Obuv Rossii to go public on Moscow Stock Exchange

MOSCOW, Sept 26 (Reuters) - Obuv Rossii, the largest mid-price retailer in Russia’s footwear market, said on Tuesday it intends to conduct an initial public offering and list around 40 percent of its enlarged share capital on the Moscow Stock Exchange.

The company gave no precise date when it planned to price the shares, not how much it planned to raise from the floating. A financial market source told Reuters on Monday the company planned to raise over $100 million.

Obuv Rossii said it intends to use the net proceeds from the issue to expand its retail network and develop its distribution and supply chain.

The group’s founder and CEO Anton Titov will remain the principal shareholder after the offering, it added.

Reporting by Olga Popova; Writing by Dmitry Solovyov; Editing by Katya Golubkova

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