Russian budget retailer Fix Price is targeting an IPO size of between $1.5bn and $1.7bn as it finalises its London listing.
Earlier this month the company, which is the largest value retailer in Russia, announced its float 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, equivalent to £2.46.
The offer price range has been set at between $8.75 and $9.75 per GDR, meaning a market cap on admission of between $7.4bn and $8.3bn. Prices will be finalised once the bookbuilding process, which starts today, is wrapped up by the end of the week.
“We have been pleased with the strong response to the Fix Price story from the investment community. The variety value retail concept is a proven success story around the globe, and one that has delivered attractive returns to investors,” chief executive Dmitry Kirsanov said.
Fix Price joins a long list of firms targeting a London IPO as the UK emerges from the pandemic.
Online reviews website Trustpilot said it was considering an IPO that would see at least a quarter of the company floated on the London stock exchange. It would be the third major listing this year, with Dr Martens and Moonpig both completing bumper IPOs earlier this year.