* Moscow is one of fastest growing car-sharing markets
* Delimobil chooses NYSE for IPO, to sell 10% in pre-IPO
* Car-sharing suspended for two months during pandemic
* People now shunning public transport which helps, says
MOSCOW, Oct 19 (Reuters) - Russian car-sharing provider
Delimobil will sell up to a 10% stake to investors in a
pre-placement ahead of its planned IPO on the New York Stock
Exchange in early 2022, its founder and main shareholder told
Delimobil, one of Russia's biggest car-sharing providers
along with Yandex Drive and others, announced its IPO plans in
August 2019, saying it would float a 40% stake.
The 10% pre-placement would be in addition to that.
"We are in talks with our investors who are interested in
the IPO about entering into equity during a pre-IPO," Vincenzo
Trani said in an interview in his office. "We're looking at two
options: convertible bonds and a sale of equity stakes," he
A company spokesman said pre-placements usually take place
6-12 months before the IPO.
Moscow is one of the world's fastest growing markets for
car-sharing. Trani had previously said his company planned to
raise around $300 million via a listing in New York, but
indicated it may be revising that target.
"...but time passes, our revenue increases," Trani said.
"Now we're waiting for a new valuation from our consultants. The
trends are very good."
The company is working with Sberbank and Bank of
America Merrill Lynch as consultants on the IPO, but has not yet
signed contracts with them, Trani said.
Russia suspended car sharing from mid-April to mid-June
during the coronavirus. However, Delimobil says its revenue in
the remaining months of 2020 averaged 50% more than last year,
helped by people using public transport less during the pandemic
and as some smaller car sharing providers went out of business.
Trani said the company still planned to offer up to 40% in
new shares at the IPO, and that current shareholders, including
his Mikro Capital fund, which owns 85% of Delimobil, did not
plan to sell their existing shares.
Car sharing has flourished in Moscow as the city has made
parking expensive and has limited the amount of available
parking to reduce traffic.
Delimobil has around 13,000 cars and now plans to build up
its fleet, primarily outside Moscow. It aims to have a fleet of
15,500 cars by the end of 2020 and 28,000 in 2021.
As well as Yandex Drive, its competitors include BelkaCar
and YouDrive, although Delimobil has the most developed network
in regions outside Moscow, according to central bank research.
(Reporting by Gleb Stolyarov; Additional reporting by Polina
Nikolskaya; Editing by Tom Balmforth and Susan Fenton)