November 6, 2018 / 5:53 PM / a year ago

Belarus food retailer Eurotorg delays London IPO

Eurotorg company office building is seen in Minsk, October 5, 2018. Picture taken October 5, 2018. Picture taken October 5, 2018. REUTERS/Vasily Fedosenko

(Reuters) - Eurotorg Holdings Plc (IPO-ERH.L), the biggest food retailer in Belarus, on Tuesday delayed its plans to list its shares in London, blaming current market conditions.

Eurotorg, which was expected to raise around $200 million (152.91 million pounds) in primary proceeds through an offering of global depositary receipts, said it would pursue its initial public offering when capital markets conditions become more favourable for emerging markets.

Eurotorg announced its plans to list in London last month, and the deal, based on average valuation multiples of its peers, could have valued the company at over $3 billion including debt.

Reporting by Noor Zainab Hussain in Bengaluru; Editing by Anil D'Silva

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