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TPG-backed Lenta raises $950m via IPO

28 Feb 2014

russia_moscow_170Private equity-backed Russian hypermarket chain Lenta has raised $950m via its IPO.

Lenta, which is backed by private equity firm TPG Capital, the European Bank for Reconstruction and Development (EBRD) and Russian banking group VTB, priced its IPO at $10 per global depositary receipt (GDR).

The IPO price was at the lower end of the indicative range of $9.5 to $11.5 per GDR.

TPG, VTB and EBRD have sold a combined 22.1 per cent stake via the IPO.

The TPG/VTB partnership made its 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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