Belarus’ largest retail operator, Eurotorg, has announced the postponement of its planned IPO on the London Stock Exchange, citing ‘current market conditions’.
The group, which operates the Euroopt retail banner, said that despite ‘significant interest’ from investors, Eurotorg has ‘decided to pursue its IPO when capital markets' conditions become more favourable for emerging markets’.
Eurotorg, which holds around 19% of the retail market in Belarus, announced its intention to float on the London Stock Exchange at the start of October.
'Significant Interest'
In a statement, the group noted, ‘In meetings with analysts and investors, Eurotorg received significant interest.
'Investors particularly noted the company’s equity story and the professionalism of the management team, as well as the growth prospects for modern retail formats and e-commerce in the Belarusian grocery retail market.
‘Eurotorg plans to revisit its IPO plans as soon as market conditions become more conducive to achieving a valuation that reflects the company’s true potential.’
The group said that its ‘strong free cash flows’ will enable it to continue executing its growth strategy in the coming years.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.
