Page 109 - RusRPTNov23

Voronetskaya and Charochka vodkas; the company also bottles Khortitsa vodka under contract. In 2022, the plant started producing an analogue of the German liqueur Jagermeister.
Russian men’s fashion retailer Henderson has set a RUB600 to RUB675 per share price guidance for its upcoming IPO, making a total valuation of up to RUB24.3bn ($250mn) and the size of the initial public offering of up to RUB3.6bn at a free float of 15%.
Previous reports suggested that a valuation of RUB25bn-RUB27bn is considered.
In 2022, Henderson’s revenues grew by 31% year on year to RUB12.4bn, and in 1H23 by 32% y/y to RUB7bn. Alfa Bank forecasts Henderson's average annual revenue growth in 2023-2028 at 17% with EBITDA margin of 24-28%.
As followed by bne IntelliNews, prior to the military invasion of Ukraine the Russian equity market was going through an IPO boom, in part fuelled by the retail investment revolution. But as the barrage of Western sanctions cut Russian issuers off from the global financial markets, the offerings have dropped dramatically.
In October 2022 the secondary public offering (SPO) of Russian cyber and information security solutions developer Positive Technologies failed to attract sufficient demand from investors. In December the only post-invasion IPO was held by Russian e-scooter-sharing service Whoosh.
The large IPOs reportedly prepared for 2023 and for 2024 are dominated by IT and tech companies such as Softline, IKS Holding (data storage and transfer, information security), and Selectel (data and cloud storage solutions).
However, names as diverse as fashion retail, car dealers, and sanctioned banks have also expressed their interest in holding an IPO.
8.5 Fixed income
8.5.1 Fixed income - bond news
109 RUSSIA Country Report November 2023 www.intellinews.com
Foreign investments in Russian OFZ bonds down to 7.7% in September says the CBR. It noted that the total market volume is $208.2bn
Sibur was supposed to repay the remaining outstanding volume of the Sibur-23 Eurobond issue (about $160mn, excluding the last two rounds of buybacks in the external perimeter, the paper was repurchased at 70