Although talks are at a preliminary stage and no listing is expected before the end of the year, TPG Capital is considering raising around £1bn in the form of Global depository receipts, sources said. Depository receipts mean that a bank owns the shares in the company and trades certificates tied to the value of the shares, rather than the shares being traded themselves.
TPG Capital, which was one of the firms that returned Debenhams to the market in 2006, first invested in Lenta in 2009 and took control in 2011. The interest in a listing was first reported by Sky News.
Lenta has almost 60 stores in Russia and has grown increasingly successful thanks to the country’s burgeoning middle class.
TPG Capital did not comment.