LENTA: Pre-IPO Brief Overview

Lenta, one of Russia’s largest hypermarket retailers, began its pre-IPO road-show on 14 Feb, announcing a price range of $9.5-$11.5 per GDR. This implies an EV of $5.3bn-6.1bn and therefore a market capitalisation of $4.09bn-4.95bn. The book building closes on 27 Feb after which the offer price will be announced. In this brief note we provide our view on the company.

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