The Russian Direct Investment Fund (RDIF) has acted as a lead anchor investor in the USD225 million SPO of Lenta Ltd, one of the largest and most successful retail chains in Russia.
In its role, RDIF was joined by its co-investors and partners from the Middle East, Asia and Europe alongside other investors to support growth and development of Lenta in Russia.
The RDIF participated in an accelerated book build placement of global depositary receipts representing newly issued shares in Lenta Ltd. The proceeds significantly strengthened the Company’s balance sheet and will facilitate its rapid store expansion program across Russia.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), says: “This placement is notable because it represents strong interest of geographically diverse group of foreign institutions to invest in a leading Russian company despite the challenging market environment. RDIF is pleased to have helped Lenta in sourcing not only Asian and Middle Eastern investors, but a number of major European funds as well.”
Jan Dunning, Chief Executive Officer of Lenta, says: “We are delighted to have received RDIF’s support and welcome RDIF as a key new investor following our successful equity placement. Demand for the issue was strong, driven by Lenta’s proven capability to deliver rapid new store expansion, its strong financial performance and its unique ability to adapt to the needs of consumers facing pressure on their household budgets.”