Russian retail giant floats on London Stock Exchange

OJSC Magnit, which boasts more than 2,000 stores, has entered the LSE's market in a £245 million deal. The deal saw some 11,517,400 ordinary shares and Global Depositary Receipts being offered by the firm and selling shareholder – Lavreno Limited.

Noting the prestige of an LSE listing, Sergey Galitskiy, Chief Executive Officer of OJSC Magnit, commented: Listing on the London Stock Exchange is an important stage in our company's development.

Mr Galitskiy also said that the floatation on the LSE would allow OJSC Magnit to expand and access foreign markets.

Listing on the London Stock Exchange is an important stage in our company's development.

Sergey Galitskiy

Chief Executive Officer

OJSC

Tracey Pierce, Head of Equity Primary Markets at the LSE, said the firm's listing is an example of the role London and its investors "have played in supporting the development of Russian companies and the Russian economy".

Firms from the CIS represent 22 sectors on the LSE's markets, with the top five industries being mining, oil and gas, real estate, industrial metals and banking.

Russia is recognised as one of UK Trade & Investment’s high growth markets, with recent years seeing an increase in trade between the two countries.