Russian grocer O’key planning a £315m London share offer

RUSSIA’S third biggest food retailer O’key plans to raise up to $500m (£315m) in a London share offer to fund expansion, making it the latest Russian firm to revive IPO plans.

O’key, which operates a 52-store chain, will launch a global offering of global depositary receipts (GDRs), with each GDR representing one share, by the year-end, it said yesterday.

It did not confirm how much it wanted to raise from the deal -- which will comprise both primary and secondary offer of shares.

“There continues to be substantial under-penetration of modern retail throughout Russia and we believe we have the right business model and customer value proposition opportunity,” chief executive Patrick Longuet said.