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Obuv Rossii raises more than 100 mln $ in IPO
OR PJSC (the “Company” and, together with its subsidiaries, “Obuv Rossii” or the “Group”), the leader of the mid-price segment of Russia’s footwear market with over 500 stores in more than 140 Russian cities and two production facilities, has held an IPO on Moscow Exchange (MOEX). The offer price has been set at RUB 140 per Share. The raised money has amounted to 5,9 bln RUB (more than 100 mln $). Obuv Rossii has become the first company at the Russian fashion retail market to hold an IPO.
Commenting on the successful pricing of the IPO, Anton Titov, CEO of Obuv Rossii, said:
“We are thrilled at the positive response by investors from around the world and recognition of our future prospects. This is above all a credit to the excellent team we have assembled at Obuv Rossii, who have over the years helped to develop a small family-owned business into a clear national leader.
“While investors appreciated the resilience of our business, with the Company having achieved continued growth even throughout the economic turbulence of past years, they particularly saw Obuv Rossii as an effective play on the Russian consumer recovery we are witnessing now.
“While we are proud of what we have achieved to date, we are even more excited about what we can achieve in the future. The funds raised in this transaction will help us to execute on our future business plan, including the intention to double the number of our stores in the next three years”.