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Russia’s Delimobil targets over $900 mln valuation in U.S. IPO

Oct 25 (Reuters) – Russian car-sharing firm Delimobil Holding S.A. mentioned on Monday it could look to lift as a lot as $240 million in a U.S. preliminary public providing at a valuation of greater than $900 million.

The firm plans to promote 20 million American Depositary Shares (ADSs) priced between $10 and $12 apiece. Each ADS represents two peculiar shares.

Delimobil was based in 2015 and is one in every of Russia’s largest car-sharing suppliers with a fleet of over 18,000 automobiles in 11 cities. It first introduced IPO plans in 2019.

A clutch of corporations from the nation has gone public this 12 months, clocking the quickest flurry in Russian stock-market listings below the sanctions period that started after Russia annexed Crimea in 2014.

UBS predicted earlier this 12 months that Russian itemizing volumes might hit $10 billion this 12 months.

Delimobil’s income rose to 4.93 billion roubles ($70.65 million) within the six months ended June 30, from 2.25 billion roubles a 12 months earlier.

It expects to listing on the New York Stock Exchange below the ticker image “DMOB”.

BofA Securities, Citigroup and VTB Capital are the lead underwriters for the providing.

($1 = 69.7712 roubles)

Reporting by Niket Nishant and Manya Saini in Bengaluru; Editing by Shounak Dasgupta and Aditya Soni

A taxi car drives by Delimobil branded vehicles in Moscow, Russia May 20, 2020. REUTERS/Maxim Shemetov