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Belarus food retailer Eurotorg to list in London

The retailer is the country’s largest grocery chain with 19% of the food market in Belarus
Belarus
Belarus gained independence from the Soviet Union in 1991

Eurotorg is set to defy a wobbly market for IPOs and become the first company from Belarus to list in London.

The retailer is the country’s largest grocery chain with 19% of the food market in Belarus. Eurotorg generated revenues of US$2.1bn in the year to June, making an underlying profit of US$195mln.

The Belarusian economy grew by 4.5% in the first half of 2018.

Paying down debts

Eurotorg is looking to raise US$200mln to pay down its debts with a secondary offering of US$100mln also part of the IPO.

The GDRs will join the standard segment of the Official List 

Andrei Zubkou, chief executive, said the IPO alongside the appointment of three non-executive directors with experience in the retail, global tech and digital businesses would help develop its market-leading, profitable e-commerce operations.

The GDRs will join the standard segment of the Official List, while a roadshow will start on 24 October.

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