23 October 2003 11:57
KOPEIKA RETAILER PLANS IPO IN 2005-2006
MOSCOW. Oct 23 (Interfax) - Kopeika, a Russian supermarket chain, plans to make an initial public offering in
2005-2006, the company's president, Alexander Samonov, said at a press conference in Moscow on Thursday.
Kopeika would like to float 20% to 30% of its
shares. The company does not need to raise large sums, but the IPO is
The Nikoil finance corporation owns 50% of the company, which will be restructured into an open joint stock company
in the second-third quarter of 2004. It will then start to get ready for the IPO.
Sales are forecast to reach $270 million in 2003. The chain has 40
stores and another four are set to open soon. There are over 2,000
Kopeika plans to strengthen its position in Moscow and Moscow
region in 2004 and to branch out in neighboring regions (Tula and
necessary to raise asset liquidity.
A five-year development plan in which the chain is to achieve sales of at least $1.5 billion in this period is being
drafted, Samonov said.
employees.
Yaroslavl).
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