Russian budget retailer Fix Price this morning announced plans to launch a London listing.
The company, which is the largest value retailer in Russia, said the potential initial public offering on the London Stock Exchange would allow it to pursue growth and international expansion.
Fix Price, which launched in 2007, has more than 4,200 stores and revenue of 190.1bn rubles (£1.87bn).
It sells a variety of essential products at multiple fixed priced points, all less than 250 rubles, which is equivalent to £2.46.
Dmitry Kirsanov, chief executive of Fix Price, said: “Today’s announcement represents a landmark that testifies both to the impressive size and scale that Fix Price has already achieved and to our strong belief that the company will continue its robust growth trajectory.
“We pioneered variety value retail in Russia when we opened the first Fix Price store in 2007 with a vision to create the dominant retailer in this highly promising segment of the market.”
He added: “With a presence in 78 of Russia’s 85 regions, as well as neighbouring countries, and a strong track record of results in our home market, Fix Price is well positioned to pursue expansion both inside and outside of Russia.”