Men’s clothing chain Henderson plans to list its shares on the Moscow Stock Exchange, RBC has learned. The retailer will acquire a 15% stake later this year.
According to one of the publication’s interlocutors, the network aims for an initial public offering in the fourth quarter of the year. However, there is no exact date yet, your choice will depend on market conditions.
Within the framework of the IPO, the company wants to sell up to 15% of its shares on the Moscow Stock Exchange. Henderson also intends to raise around 4 billion rubles, the source notes. Overall, the network expects a business valuation of between 27 and 30 billion rubles.
The network itself told the publication that they are studying various strategic opportunities and development scenarios, but it is too early to talk about specific plans.
Since today there are no issuers similar to Henderson on the Moscow Stock Exchange, when evaluating the business, the organizers of the transaction were guided by Fix Price, which placed shares in 2021, explains another interlocutor of the publication.
Typically, the EV/EBITDA multiple is used to value retailers. For fixed price, this figure is 6x. At the end of this year, Henderson foresees EBITDA of 6.5 billion rubles, respectively, the value of the business could be 30 to 35 billion rubles, if net debt is deducted.
At the same time, the source adds, investors may ask for a discount because the company has not previously been represented on the Moscow Stock Exchange, so the value may fall to 25-27 billion rubles.
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