O’key to launch IPO

Russian grocery retailer O’key plans to raise up to USD500 million in a London share offer to fund expansion. O’key, which is one of the leading hypermarkets operators in St Petersburg, will launch a global offering of global depositary receipts (GDRs), with each GDR representing one share, by the year-end, it said yesterday.

“There continues to be substantial under penetration of modern retail throughout Russia and we believe we have the right business model and customer value proposition opportunity,” Chief Executive Patrick Longuet said.