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TPG-backed Lenta could launch London IPO next week

29 Jan 2014

shares stocks IPOPrivate equity-backed Russian hypermarket chain Lenta is reportedly planning to proceed with its London IPO as early as next week.

According to earlier reports, Lenta, which is backed by private equity firm TPG, was in talks with banks about an IPO that could value it at $5bn and raise $1bn.

The process could start as early as next week if market conditions are favourable, said Reuters, citing sources.

Lenta could formally announce its intention to float in the first week of February, another source told Reuters.

TPG currently owns 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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