Russia’s Biggest Alcohol Seller Postpones Planned IPO
(Bloomberg) -- Mercury Retail Holding Plc, which controls Russia’s biggest chains of alcohol retailers, postponed its planned initial public offering in Moscow due to “current market conditions,” it said in a statement Tuesday.
The holding, which operates more than 14,000 convenience stores that sell alcohol, cigarettes and food under the Krasnoe & Beloe and Bristol brands, had been seeking to raise as much as $1.3 billion. That would have been the largest initial public offering in Moscow since Alrosa’s share sale in 2013.
Mercury joins several European companies that have put IPO plans on ice in recent weeks as investors get more picky about where they deploy their cash amid a flurry of deals. Equity markets worldwide have turned more volatile amid soaring energy prices, faster inflation and tapering fears.
The delay comes after Russian car-sharing company Delimobil postponed its planned share sale last week. Even so, local companies in 2021 have raised the most money via IPOs in a decade, as retail and tech companies take advantage of a rallying stock market and pent-up supply.
Real-estate platform Cian.ru, IT-services provider Softline Holding Plc and Renaissance Insurance Group JSC have listed shares in the last month.
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