Delimobil set to be first Russian company in 2024 to hold IPO

MOSCOW (Reuters) – Car-sharing service Delimobil may be the first Russian company to hold a long-awaited initial public offering (IPO) in 2024, with a listing that could raise up to 4 billion roubles ($43.5 million), three financial sources told Reuters on Monday.

The company did not immediately reply to a request for comment.

Two of the sources said the company sought to raise between 3 billion roubles and 4 billion roubles, and planned to issue only new shares.

Delimobil announced a restructuring last February to be possibly followed by an IPO.

In 2023, Russia firms have raised a total of around 29 billion roubles ($323 million) through IPOs and direct listings, according to Reuters calculations, far below the billion-dollar capital raises achieved by Russian companies in the earlier years of President Vladimir Putin’s time in office.

The Western banks that formerly acted as underwriters and bookbuilders have left, and Russia’s largest lenders have taken their place.

($1 = 91.9825 roubles)

(Reporting by Olga Popova, Oksana Kobzeva and Gleb Stolyarov; Writing by Vladimir Soldatkin; editing by Barbara Lewis)