Detsky Mir, Russia’s largest children’s goods retailer, has gone public on the Moscow exchange in the first major Russian IPO in three years.

The company placed Rbs21.1bn ($360m), about 29.3 per cent of total share capital, including an overallotment option, at a price of Rbs85 per share, valuing the company at Rbs62.8bn. The price was at the low end of the Rbs85-105 range in the company’s IPO prospectus.

Investors looking to capitalize on Russia’s recent equity boom have eyed Detsky Mir as a potential turning point for the Russian market, largely isolated from global markets since western sanctions over the Ukraine conflict in 2014 and an ensuing recession following the crash in global oil prices. The IPO is also one of the first major offerings to be held on the Moscow exchange after an extensive plan to upgrade it.

Oligarch Vladimir Evtushenkov, whose company Sistema owns Detsky Mir, began exploring an IPO in London in 2013, but shelved it after the sanctions were passed. Sistema will retain a stake of 50 per cent plus one share. The Russia-China Investment Fund, part of the $10bn sovereign Russia Direct Investment Fund, also retains a stake of about 13 per cent.

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