The Delimobil car-sharing company decided to postpone the initial public offering, a service representative told Vedomosti.
“Despite the high interest from investors, Delimobil decided to postpone the IPO due to market conditions,” the source said.
A source close to the company said the placement has been postponed to early next year. According to the rules of placement on the NYSE, where the ADS trading of Delimobil was supposed to start on November 4, the company had to meet the start of this process by mid-November. Otherwise, the placement had to be rescheduled for the next year.
Delimobil’s IPO assumed a double listing – on the NYSE and on the Moscow Stock Exchange, but trading had to be launched simultaneously. The company previously named the estimated IPO price in the range of $ 10-12 per share.
The founder of the company, Vincenzo Trani, announced plans to hold an IPO on the New York Stock Exchange at the end of 2019. Then he said that the placement of shares would take place no later than 2021. The businessman clarified that through the sale of up to 40% of the company, it is planned to raise more than $ 300 million.
Reuters, citing sources, wrote that in the end the service intends to raise about $ 350 million. Among the banks organizing the placement, the agency’s sources named Bank of America, Citi, UBS, Sberbank CIB, VTB Capital and Renaissance Capital. The company filed documents for an IPO in New York in early October.
Delimobil is the first car sharing operator, which started operating in Moscow three years ago, in September 2015. The car service park numbers 18,000 cars. The company is represented in 11 cities of Russia – Moscow, St. Petersburg, Yekaterinburg, Kazan, Krasnodar, Nizhny Novgorod, Novosibirsk, Rostov-on-Don, Samara, Tolyatti and Tula.
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