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MarketScreener Homepage  >  Equities  >  Moscow Micex - RTS  >  Sberbank of Russia    SBER   RU0009029540

SBERBANK OF RUSSIA

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Russian car-share service Delimobil to sell 10% stake in pre-placement before New York IPO - founder

10/19/2020 | 10:42am EST

* 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 founder

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 Reuters.

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 said.

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)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
SBERBANK OF RUSSIA 0.06% 251.5 End-of-day quote.-1.28%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.16% 75.975 Delayed Quote.22.05%
YANDEX 2.39% 67.19 Delayed Quote.54.50%
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Financials
Sales 2020 2 218 B 29 189 M 29 189 M
Net income 2020 698 B 9 181 M 9 181 M
Net Debt 2020 - - -
P/E ratio 2020 7,95x
Yield 2020 6,15%
Capitalization 5 398 B 71 025 M 71 043 M
Capi. / Sales 2020 2,43x
Capi. / Sales 2021 2,35x
Nbr of Employees 276 598
Free-Float 45,1%
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Mean consensus BUY
Number of Analysts 15
Average target price 295,83 RUB
Last Close Price 251,18 RUB
Spread / Highest target 85,7%
Spread / Average Target 17,8%
Spread / Lowest Target -11,2%
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Managers
NameTitle
Herman Gref Chief Executive Officer & Member-Supervisory Board
Anton Germanovich Siluanov Chairman-Supervisory Board
Alexandra Buriko Chief Financial Officer & Head-Finance
David Rafalovsky Chief Technology Officer & Executive VP
Sergei Mikhaylovich Ignatiev Deputy Chairman-Supervisory Board
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