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Updated December 25th, 2023 at 22:52 IST

Car-sharing service Delimobil set to launch Russia's maiden IPO in 2024

The company announced a restructuring last February to be possibly followed by an IPO.

Business Desk
 Delimobil
Delimobil | Image:Unsplash
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Specialising in car-sharing service Delimobil is pegged to be the first Russian company to hold a long-awaited Initial Public Offering (IPO) in 2024. This is likely to be a listing that could raise up to 4 billion roubles ($43.5 million), financial sources privy to the matter said . The company did not immediately reply to a request for comment. Two of the sources said the company sought to raise between 3 billion roubles and 4 billion roubles, and planned to issue only new shares.

Delimobil announced a restructuring last February to be possibly followed by an IPO. In 2023, Russia firms have raised a total of around 29 billion roubles ($323 million) through IPOs and direct listings, according to Reuters calculations, far below the billion-dollar capital raises achieved by Russian companies in the earlier years of President Vladimir Putin's time in office. The Western banks that formerly acted as underwriters and bookbuilders have left, and Russia's largest lenders have taken their place. ($1 = 91.9825 roubles) 

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(With Reuters Inputs) 

 

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Published December 25th, 2023 at 22:52 IST

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