Supermarket chain announces $300m London float plans in first overseas Belarusian listing

James Booth
Biathlon - Winter Olympics Day 13
Belarusian supermarket targets London float (Source: Getty)

Grocery chain Eurotorg today announced plans to float on the London Stock Exchange in what would be a first overseas listing for a Belarusian business.

Eurotorg is the largest grocery chain in Belarus with a market share of approximately 19 per cent of the food retail market.

The float will mark the first overseas listing for a company from Belarus which gained independence from the USSR in 1991.

Read more: Leaseplan cans float as stock markets wobble

The float is expected to raise at least $300m (£227m) with part of the proceeds used to pay down the company’s foreign currency debt.

Chief executive of Eurotorg Andrei Zubkou said: “Eurotorg is the undisputed leader in the Belarusian grocery retail market, and a pioneer in the nationwide roll-out of modern retail formats and online grocery shopping.

Read more: Heed the history and beware Saudis floating oil companies

“We believe that now is the time for Eurotorg’s exciting growth story to become better known among international investment audiences.”

Credit Suisse and JP Morgan are acting as joint global coordinators and Bank of America Merrill Lynch, Renaissance Capital, Sova Capital, UBS and Wood & Company are acting as joint bookrunners.