Euroset, Russia’s leading mobile and media device retailer, announced yesterday it would proceed with an IPO on the London Stock Exchange.
The offering could raise more than $1 billion, putting the desired valuation of the chain at $4 billion, reports Reuters from unnamed sources.
To date, valuation estimations for the company have varied from $2.6 billion to $4 billion, reported Vedomosti, a Russian business daily.
In late 2010, Euroset’s network comprised 4367 outlets, with 4014 in Russia, 275 in Ukraine, and 78 in Belarus. Its EBITDA reached 8.37 billion rubles (approx. $279 million) in 2010, up 88% from 2009. During the same period, the company’s net profit grew almost fivefold (+385%), to 5.58 billion rubles, while its revenues increased by just 12.2%.
The company is currently owned by both ANN investment company, which belongs to prominent Russian businessman Alexander Mamut, and VimpelCom, a leading Russian mobile operator.
