Russian retailer Fix Price has confirmed that it will proceed with its plan to launch an IPO on the London Stock Exchange.
According to CEO Dmitry Kirsanov, the company has had a “strong and positive initial reception from the investment community” and has decided to confirm its previously announced intention to launch an IPO.
“We have built Fix Price since day one with the intention of becoming a public company, with a business model that taps into the structural shift in consumer behaviour towards value and performs robustly throughout the economic cycle, state-of-the-art operational and IT infrastructure, a highly professional team, and high business standards and transparency,” he explained.
The value retailer also named three independent non-executive directors who are to join its board.
It includes Alexander Tynkovan, founder and former CEO of consumer electronics retailer M.Video; Elena Titova, independent member of the board of directors at QIWI Plc; and Gregor Mowat, former CFO of KPMG in Russia and CIS and member of the board of directors at Magnit and PIK GROUP.
Kirsanov said that the new appointments will "strengthen" the board of directors and highlight the company's commitment to "high standards of corporate governance".
“These three outstanding individuals have unrivalled track records as senior executives and board members of listed companies and profound understanding of the retail industry. Fix Price will benefit greatly from their knowledge and expertise,” he added.