Russian discount retailer Fix Price is aiming to join the rush of high- profile listings in London.
Reports suggested the listing might see the Russian chain rise as much as US$1bn and be valued at more than US$6bn (£4.3bln).
Fix Price has more than 4200 stores across Russia and has been growing sales rapidly. In 2020, revenues increased by 33% to r190.1 bn (US$2.6bn), with net profit of r17.6bn.
Like-for-like sales have risen at double-digit rates every quarter for the past four years.
Founders Sergei Lomakin and Artem Khachatryan, who currently each own 41.7%, are expected to sell shares in the IPO alongside financial backer Goldman Sachs, though they will retain control of the company said the reports.
London will be the primary market for its shares with a secondary listing in Moscow, Fix Price said.
In its statement, the group cited an analyst report that it Fix Price cited a 2019 analysts’ report controlled more than 90% of Russia’s discount retail market with its market size expected to treble over the next three years.
Russian corporate activity has stepped up in recent months due to the surge in value of global markets and financial stimulus activity in many countries.
Online retail giant Ozon also ran a hugely successful US float at the end 2020 where it raised more than US$1bn and its value on Nasdaq since doubling to more than US$13bn.
A firm date for Fix Price’s IPO has yet to be set.