LONDON, UK: Softline Holding is considering proceeding with a potential initial public offering (IPO) of global depositary receipts (GDRs) representing its ordinary shares on the London Stock Exchange.
The Company is considering applying for admission of the GDRs to the standard listing segment of the Official List of the FCA and to trading on the London Stock Exchange’s main market for listed securities and on Moscow Exchange.
Softline IPO:
The offer would comprise predominantly primary shares to be issued by the Company, with existing shares to be sold by certain existing shareholders in the form of GDRs.
Primary proceeds from the offer are expected to be around US$400 million and intended to be used to fund the further development and execution of the Group’s growth strategy including via selective acquisitions in accordance with the Group’s complimentary M&A strategy.
Softline Holding is a leading global solutions and services provider in digital transformation and cybersecurity, with its headquarters in London.
Igor Borovikov, Chairman and Founder of Softline, said: “Softline is an indispensable partner to organisations undergoing digital transformations across industries. The company has a resilient, scalable business model and is at the centre of the digitalisation trend, as a unique, much needed, platform that connects vendors and customers worldwide.
Proceeds from the IPO will enable us to further invest in providing the best IT solutions and services to our customers and will support the development and execution of our ambitious growth strategy. This strategy combines organic expansion and complimentary M&A transactions, enabling us to continue to deliver a full range of IT services to a large and growing market of customers, while strengthening robust and long-standing relationships with an expanding universe of partner vendors.”
Founded in 1993 by Igor Borovikov, Softline facilitates and accelerates the digital transformation of its customers’ businesses, connecting over 150,000 enterprise customers across a comprehensive range of industries with over 6,000 best-in-class IT vendors and delivering its own services and proprietary solutions.
The Group had a turnover of US$1.8 billion for the year ended 31 March 2021, employs c.6,000 people globally, and operates in more than 50 countries across emerging markets. It has significant growth potential, addresses the entire range of its customers’ IT needs, and is positioned at the centre of the digital transformation megatrend.
The offer will include an offering to institutional investors outside the United States pursuant to Regulation S and to Qualified Institutional Buyers in the United States pursuant to Rule 144A under the United States Securities Act of 1933.
The GDRs would be admitted to the standard listing segment of the Official List of the FCA and to trading on the main market for listed securities of the London Stock Exchange, with a secondary listing on Moscow Exchange.
Credit Suisse, J.P. Morgan and VTB Capital have been engaged by the Company to act as Joint Global Coordinators and Joint Bookrunners, in the event the Offer proceeds. Alfa Capital Markets, Citigroup, Gazprombank and Sber CIB have been appointed as Joint Bookrunners.
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