Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Rosinter Announces Plan to Sell Shares

Restaurant chain Rosinter announced Monday its intention to float on the Russian stock market and confirmed that it had appointed Renaissance Capital as lead manager of the deal.

The company's sole shareholder, RIG Restaurants, will sell shares in the offering and use the proceeds to subscribe for new shares as part of a capital increase by the company to raise funds for investment, it said in a statement.

Rosinter has 192 restaurants and served 12.5 million customers last year at its themed restaurants, which include Il Patio, Planet Sushi and 1-2-3 Cafe.

The company's restaurant network covers 23 cities in Russia, Ukraine, Belarus, Kazakhstan, the Czech Republic, Hungary and Latvia. Over half of the company's current operations are concentrated in Moscow, with a growing network of restaurants in other regions.

The company's total consolidated revenues grew by 32 percent year on year to $218.6 million in 2006, in accordance with international financial reporting standards.

The announcement confirmed a report in February that Rosinter, founded in 1990 by Rostislav Ordovsky-Tanayevsky Blanco, was looking at a $100 million-plus IPO that would make it the first Russian restaurant chain to float.

Reuters, MT