The car-sharing service Delimobil is holding consultations with banks about the possible placement of shares on the Moscow Stock Exchange. According to Forbes sources, the company could hold an initial public offering (IPO) next spring.
According to the publication’s interlocutor, it will take five months to prepare the deal, so the IPO should be expected in the second quarter of 2024. Another source confirms the preparations for the IPO and states that the deal could be closed in the first quarter. The company can raise “between 2.5 and 3 billion rubles up to 10 billion rubles,” says a financial market source. The final result will be affected by the dynamics of demand for shares.
Delimobil plans to acquire 7 thousand cars, one of the interlocutors explains the objective of fundraising. Delimobil itself, when asked by the publication to comment on the possible parameters of the IPO and to confirm that placement talks were underway, stated that they “do not comment on rumours.”
In September, the company’s CEO, Elena Bekhtina, announced that the service maintained plans for an initial public offering (IPO) within a year. On October 18, the carsharing legal entity was transformed into the public limited company Delimobil.
This is not the company’s first attempt to list its shares; In 2021, Delimobil planned an initial public offering on the New York Stock Exchange and the Moscow Stock Exchange. The joint bookrunners were VTB Capital, BofA Securities, Citigroup Global Markets, Renaissance Securities, Sber CIB, Banco Santander and Tinkoff.
The preliminary valuation of the company then ranged between 760 and 912 million dollars, the estimated price per share was set at about 10-12 dollars per share. The initial public offering was expected to bring the company between $200 million and $240 million.
An investment market source has learned that the company’s current attempt at an initial public offering (IPO) will be carried out without the participation of US banks. VTB, which is under sanctions, will also not be able to act as bookrunner. However, the bank will be represented in the deal “substantially,” the source added.
According to several sources, IPO options are being discussed with the organizers of the company’s bond placement. These were Gazprombank, Sinara, Tinkoff and BCS CIB. The headliner is Gazprombank. According to one of Forbes’ interlocutors, the bank is interested in participating “in all Russian IPOs.”
Earlier it became known about the plans of several Russian companies to hold an initial public offering (IPO). Diasoft, a software developer for banks, plans to float shares within a year, the sources said. Alcoholic beverage maker Ladoga plans an initial public offering in 2025.
Author:
Natalia Gormaleva
Source: RB
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