UPDATE 2-Russia’s Delimobil discloses strong revenue growth in U.S. IPO filing

- Advertisement -


(adds details on financials)

- Advertisement -

Oct 8 (Businesshala) – Delimobil Holding SA on Friday filed for an initial public offering (IPO) in the United States and revealed that its revenue for the first half of this year has more than doubled, as car- Sharing company has become the latest. A group of Russian firms targeting the beginning of the market.

- Advertisement -

Russian IPO activity is gathering momentum as the global economy recovers and concerns over new Western sanctions ease. The Moscow Exchange is expected to list 10 shares by the end of the year.

Renaissance insurance and IT firm Softline recently announced its intention to float shares. Sources said real estate database CIAN and SPB Exchange, among others, are also preparing IPOs.

- Advertisement -

Delimobil’s revenue for the six months ended June 30 came in at 4.93 billion rubles ($68.6 million), up from 2.25 billion rubles in the same period a year ago.

The deficit decreased from about 2.3 billion rubles a year ago to 1.07 billion rubles.

The company hasn’t set terms for its share sale, but Businesshala exclusively reported that Delimobil plans to raise about $350 million on the New York Stock Exchange, with dual listings in Moscow.

The company was founded in 2015 and operates a fleet of more than 18,000 vehicles in 11 cities of Russia. It first announced its IPO plans in 2019, saying it would float a 40% stake.

Delimobil is the biggest player in Moscow’s car-sharing market, having recently overtaken Yandex.Drive, a major competitor operated by Nasdaq-listed Yandex.

At the beginning of August, Delimobil’s share in the car-sharing market in the Russian capital was 44.2%, compared to Yandex. 37.7% of the drives, data from the Moscow Department of Transport showed.

Delimobil said BofA Securities, Citigroup Global Markets and VTB Capital will act as joint lead book-running managers, while Renaissance Securities, Sberbank CIB and Banco Santander will act as joint bookrunners. ($1 = 71.8428 rubles) (Reporting by Gleb Stolyarov and Alexander Marrow in Moscow and Niket Nishant in Bengaluru; Editing by Shaunak Dasgupta and Shailesh Kuber)

.

- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox