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TPG-backed Lenta sets price range for IPO

14 Feb 2014

russia10_sqPrivate equity-backed Russian hypermarket chain Lenta has priced its upcoming IPO on the London Stock Exchange at between $9.5 and $11.5 per one global depositary receipt.

This price range would give Lenta a market cap of ads much as $4.95bn, the company said in a statement. It will offer 19m shares, which represents a 22.1 per cent stake.

Private equity firm TPG Capital currently holds a 49.8 per cent stake in the business and VTB owns an 11.7 per cent interest.

The TPG/VTB partnership’s original $100m investment four years ago sparking a violent brawl between rival investors at a board meeting in September a year later, raising a sustained dispute over the company’s management strategy.

The partnership initially acquired a 35.4 per cent stake in Lenta in October 2009.

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