Taxi driver drives by Delimobil vehicles amid the outbreak of the coronavirus disease COVID - 19 in Moscow Airport.
MOSCOW Reuters - Financial markets reported that Delimobil is planning to raise around $350 million in an initial public offering in the United States this autumn. It has picked banks to arrange the listing, sources told Reuters on Tuesday.
Three sources have said the company is targeting an offer this autumn, with two of them saying Delimobil was eyeing a $350 million listing on the New York Stock Exchange and a dual listing in Moscow. Delimobil has previously said it was looking at New York for the offering.
Yandex, one of Russia's biggest car-sharing providers along with Delimobil, is also part of the growing list of Russian car sharing companies. Drive and others declined to comment.
Three sources said Bank of America and Citi were among the banks picked to arrange the offering. Two sources said UBS, as well as the Sberbank CIB, VTB Capital and Renaissance Capital were selected by Russia’s St. Petersburg Region, respectively.
Bank of America, Citi, Renaissance Capital and VTB Capital declined to comment. UBS and Sberbank CIB did not immediately respond to requests.
In July it announced that it had purchased a 13.4% stake in Delimobil. In June, Delimobil said that the minority stake of VTB was worth $75 million.
Delimobil, which operates a total fleet of more than 16,000 vehicles in Russia, first announced private IPO plans in 2019 saying it would float a 40% stake. The sources did not say whether the target of $350 - million for this autumn corresponded to 40% of the business.
The company said in June that it was planning to expand to markets in developing countries.