Russia's Delimobil targets over $900 million valuation in U.S. IPO

FILE PHOTO: A taxi car drives by Delimobil branded vehicles in Moscow, Russia May 20, 2020. REUTERS/Maxim Shemetov

(Reuters) - Russian car-sharing company Delimobil Holding S.A. said on Monday it would look to raise as much as $240 million in a U.S. initial public offering at a valuation of more than $900 million.

The company plans to sell 20 million American Depositary Shares (ADSs) priced between $10 and $12 apiece. Each ADS represents two ordinary shares.

Delimobil was founded in 2015 and is one of Russia's biggest car-sharing providers with a fleet of over 18,000 vehicles in 11 cities. It first announced IPO plans in 2019.

A clutch of companies from the country has gone public this year, clocking the fastest flurry in Russian stock-market listings under the sanctions era that began after Russia annexed Crimea in 2014.

UBS predicted earlier this year that Russian listing volumes could hit $10 billion this year.

Delimobil's revenue rose to 4.93 billion roubles ($70.65 million) in the six months ended June 30, from 2.25 billion roubles a year earlier.

It expects to list on the New York Stock Exchange under the ticker symbol "DMOB".

BofA Securities, Citigroup and VTB Capital are the lead underwriters for the offering.

($1 = 69.7712 roubles)

(Reporting by Niket Nishant and Manya Saini in Bengaluru; Editing by Shounak Dasgupta and Aditya Soni)

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