Henderson announced preliminary parameters for the IPO and began collecting applications – Kommersant
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Men’s clothing chain Henderson has announced the price range for its initial public offering (IPO) on the Moscow Exchange (MOEX: MOEX). It is set at a level of 600 rubles. up to 675 rubles, which corresponds to the company’s market capitalization in the range of 21.6 billion rubles. up to 24.3 billion rubles. The total size of the IPO could be up to 3.63 billion rubles, the Henderson press service reported (Kommersant has the press release).
Preliminarily, the start of trading in shares under the ticker HNFG will begin on November 2 after the announcement of the IPO price and the final inclusion of shares in the second quotation list of securities admitted to trading on the Moscow Exchange. The final IPO price will be determined after the order book is formed, which begins today, October 25.
The main part of the IPO will be an additional issue of securities in the amount of up to 3 billion rubles. Based on the results of the placement, the share of Henderson shares in free float is expected to be about 15%.
The press service noted that if the IPO is completed, as part of the incentive program, the founding shareholder will transfer a stake of about 10.5% to the employees. The funds raised during the IPO will be used to finance the development of Henderson, including the re-opening of existing stores in new formats and the opening of new clothing stores, as well as the construction of a new own distribution center.
The first men’s clothing stores under the Henderson brand appeared in Russia in 1998. The brand was part of the portfolio of the Polish LPP Group (the group owns the Reserved, House, Cropp, Mohito and Sinsay brands). In 2003, Tami and KO LLC acquired the rights to the Henderson brand from LPP. The group operates 158 retail stores in 62 cities of Russia, as well as 2 franchise stores in Armenia. The founder and president of Henderson is Ruben Harutyunyan. The network manager, Tami and KO LLC, belongs to HFF JSC (Henderson Fashion Group).
Henderson announced its intention to conduct an initial public offering of shares on the Moscow Exchange on October 20. Thus, the retailer may become the first public company among the players in the Russian fashion market. At the end of 2022, Henderson’s revenue grew by more than 30%, to 12.4 billion rubles, and at the end of the first half of 2023 – by 32%, to 7 billion rubles.
Read more in the Kommersant article. “Clothes will be tried on at the stock exchange”.
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