October 4, 2018 / 6:07 AM / 15 days ago

Belarus' biggest food retailer Eurotorg says to list in London

MOSCOW (Reuters) - The biggest food retailer in Belarus, Eurotorg, said on Thursday it is planning to list its shares in London and expects to announce its intention to float on the London Stock Exchange on or around Oct. 11.

The offering of global depositary receipts (GDRs) is expected to raise around $200 million in primary proceeds for the company. Eurotorg said it will use the funds to partially repay its foreign currency debt.

The company’s core shareholders are expected to retain their majority shareholding after the London listing.

Credit Suisse and J.P. Morgan are acting as joint global coordinators. Bank of America Merrill Lynch, Renaissance Capital, Sova Capital, UBS and WOOD & Company are acting as joint bookrunners.

“This announcement follows on from our successful debut Eurobond issuance in October 2017, when we effectively opened international capital markets for Belarussian corporate issuers,” Eurotorg CEO Andrei Zubkou said in a statement.

Sources have earlier told Reuters that Eurotorg’s planned London listing potentially values the company at more than $3 billion.

Reporting by Maria Kiselyova, Writing by Andrey Ostroukh; Editing by Himani Sarkar

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