Delimobil Holding, a leading Russian car-sharing firm with a fleet of nearly 18,000 vehicles, announced terms for its IPO on Monday. The company is also seeking the approval of Moscow Exchange for the listing of its ADSs under the symbol "DMOB."
The Luxembourg-based company plans to raise $220 million by offering 20 million ADSs at a price range of $10 to $12. At the midpoint of the proposed range, Delimobil Holding would command a market value of $836 million.
Delimobil is a leading shared mobility provider in Russia in terms of geographic presence, fleet size, number of trips in Moscow, and revenue growth, as well as a first-mover in car subscription services. Its MAU increased from 270k in 2019 to 461k in the 9mo21. The company operates under two principal business lines: free-floating car sharing under the brand "Delimobil" and car subscription for long-term rentals under the brand "Anytime Prime." As of September 30, 2021, Delimobil's car sharing fleet comprised almost 18,000 vehicles across 11 cities in Russia and Anytime Prime's long-term car rental fleet consisted of almost 600 vehicles. Delimobil's car sharing fleet is composed mostly of economy class vehicles, including VW Polo, Fiat, Hyundai Solaris, Renault Kaptur, and Kia Rio.
Delimobil Holding was founded in 2015 and booked $125 million in revenue for the 12 months ended June 30, 2021. It plans to list on the NYSE under the symbol DMOB. BofA Securities, Citi, VTB Capital, Banco Santander, Renaissance Capital, Sberbank, and Tinkoff Bank are the joint bookrunners on the deal. It is expected to price during the week of November 1, 2021.
