Oct 8 (Reuters) - Delimobil Holding S.A. 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 more
than doubled, as the car-sharing company becomes the latest in a
slew of Russian firms targeting market debuts.
Russian IPO activity is picking up pace as the global
economy improves and concerns over fresh Western sanctions fade.
The Moscow Exchange expects to hold 10 share listings by the end
of the year.
Renaissance Insurance and IT firm Softline recently
announced their intention to float shares. Others including real
estate database CIAN and the SPB Exchange are also preparing
IPOs, sources have said.
Delimobil's revenue for the six months ended June 30 came in
at 4.93 billion roubles ($68.6 million), up from 2.25 billion
roubles in the same period a year earlier.
Losses narrowed to 1.07 billion roubles, from nearly 2.3
billion roubles a year earlier.
The company has not set terms for its share sale, but
Reuters reported exclusively that Delimobil is planning to raise
around $350 million on the New York Stock Exchange, with a dual
listing in Moscow.
The company was founded in 2015 and operates a fleet of over
18,000 vehicles in 11 cities across Russia. It first announced
IPO plans in 2019, saying it would float a 40% stake.
Delimobil is the largest player in Moscow's car-sharing
market, recently overtaking major competitor Yandex.Drive, run
by Nasdaq-listed Yandex.
At the beginning of August, Delimobil's share of the
car-sharing market in the Russian capital was 44.2%, compared
with Yandex.Drive's 37.7%, data from the Moscow transport
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, Delimobil said.
($1 = 71.8428 roubles)
(Reporting by Gleb Stolyarov and Alexander Marrow in Moscow and
Niket Nishant in Bengaluru; Editing by Shounak Dasgupta and