'Wear now pay later' Russian shoe retailer seeks US$120m IPO

Moscow

OBUV Rossii, a Russian shoe retailer backed by billionaire Brooklyn Nets owner Mikhail Prokhorov, is seeking to raise as much as US$120 million in an initial public offering (IPO), according to a person familiar with the matter.

The company may offer a stake of as much as 40 per cent on the Moscow Exchange in October and use the proceeds to double its store network over the next three to five years, said the source who declined to be identified because the information is private. Mr Prokhorov, who owns a quarter of Obuv Rossii, will not be selling his stake, the source said.