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. Last Updated: 07/27/2016

RTM Announces Share Float

Property developer RTM announced late last week its intention to seek an initial public offering, the latest company in the country's booming real estate sector to pursue an international investor base.

RTM said it would offer up to 40 million shares in the form of ordinary shares and Global Depository Receipts, representing up to 40 percent of its existing share capital and about 28.6 percent of its share capital after the issue of new shares.

ING Bank is lead manager and bookrunner for the offering and Russian house CIT Finance is co-manager, the company, which is part of Russian retailer Marta, said in a statement.

RTM said it did not plan to list the GDRs, which would be offered via a placement to institutional investors outside the United States and Russia.

RTM general director Alexei Linkov said proceeds from the issue would "help drive the company's growth strategy and significantly raise its profile."

RTM reported net profit of 1.13 billion rubles ($43.81 million) in 2005.

Other Russian property developers that have listed are Open Investments and Sistema-Hals. Real estate firm PIK wants to float up to 15 percent of its stock in London and Moscow in May, bankers say. AFI Development, a unit of Africa Israel Investments, said this week it wanted to raise over $1 billion in a London IPO next month, valuing it at $4.2 billion to $5.5 billion, which would make it Russia's largest property firm.