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French Watch M.Video
M.Video may become the first Russian household appliances and electronics retailer to have foreign shareholders, or the first to hold an initial public offering. It is now in negotiations with the French chain Darty for the sale of a share package. The company has long sought foreign investors. At the same time, M.Video shareholders are preparing for an IPO this autumn. About a quarter of the company's stock will go on offer. Deutsche Bank will be organizer of the IPO, which may take place on the London Stock Exchange.
M.Video is the second-largest household appliances and home electronics seller in Russia, following Eldorado. In 2006, it was the seventh-largest retailer in Russia. M.Video was founded in 1993 and has more than 85 stores. Its turnover in 2006 was $1.383 by Russian accounting standards. It is owned by Alexander Tynkovan and Alexander Zayonts. Tynkovan told Kommersant a month ago that financial consultants had been hired to prepare financial accounts to international standards in preparation to “define the further development of the chain.”
The Russian household appliances and consumer electronics market is growing faster than the market in Europe, and growth of the leading sellers is outpacing the market. Kommersant found that M.Video turnover increased 47 percent last year, while the market as a whole grew by 16 percent, according to the industry group RATEK. The value of the market is estimated at $30 billion. Experts say M.Video is a good investment for a foreign firm and a good candidate for an IPO. Estimates of the chain's value range from $1.4-2.5 billion.
www.kommersant.com
All the Article in Russian as of July 06, 2007
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