Soviet Disneyland planning an IPO

Russian children's goods retailer Detsky Mir has asked the Central Bank for permission to float at the London Stock Exchange in mid-March, the RIA Novosti news agency reports.

Russian children's goods retailer Detsky Mir has asked the Central Bank for permission to float at the London Stock Exchange in mid-March, the RIA Novosti news agency reports.

Detsky Mir is planning to sell around 184.7 million shares, or 25 percent of the company's securities, at an undisclosed price per share. Earlier, the company announced plans to raise $500 million from the sale. Citigroup will arrange the offering.

Detsky Mir operates the largest network of children's goods stores in the CIS, which includes 215 outlets of the same name, the luxury center Yakimanka Children's Gallery in Moscow, and the ELC chain of early development centers.

The company's 2013 revenues stood at 27.75 billion roubles ($790 million). Detsky Mir's sole shareholder is oil-to-telecoms conglomerate Sistema owned by tycoon Vladimir Yevtushenkov.

The first Detsky Mir store was opened in central Moscow on June 6, 1957, as one of the largest childrens' goods store in the Soviet Union. It included an assortment of children's entertainment sections, making it a Soviet equivalent of Disneyland.

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