- This content was produced in Russia, where the law restricts coverage of Russian military operations in Ukraine.
MOSCOW, Feb 13 (Reuters) – Russian carsharing service Delimobil on Monday announced a restructuring and could revive a possible initial public offering (IPO).
The company said shareholders approved a decision to convert from a limited liability company to a public company. The new company, called Carsharing Russia, will consist of 10 million common shares with a par value of 0.01 rubles (0.0001 USD) each.
The company told Reuters in a statement that the transformation “is being undertaken to make changes in governance” and to address unspecified “long-term business objectives.”
When asked if an IPO was likely, a company representative said, “We are not ruling out such a possibility.”
The person did not say where or when a possible IPO could take place.
Delimobil postponed plans to go public on the New York Stock Exchange in November 2021, citing market conditions. It had a goal of raising up to $240 million with a valuation of more than $900 million.
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Several other Russian companies have postponed their IPO plans in late 2021 citing market conditions.
The launch of what Russia has dubbed a “special military operation” in Ukraine has further derailed many companies’ plans to go public, as Western sanctions have locked Russian companies out of global capital markets and financial services.
Reporting by Gleb Stolyarov
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