Value-focused coffee and food to-go chain plans to raise 1.9bn rubles ($25.8m) through an IPO on the St Petersburg stock exchange to grow its presence in Russia
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Neon signs in the Russian capital, Moscow, home to many of the vast country's branded coffee chains | Photo credit: Alexander Popov
Podorozhnik has announced it will launch an IPO on 14 September 2021 to fund Russian outlet expansion. According to Russian news agency, Interfax, the value focused coffee and food-to-go chain will offer shares at 1,000 roubles ($13.58) each and plans to raise 1.9bn rubles ($25.8m).
Podorozhnik currently operates 159 sites across the Siberian regions of Kemerovo and Novosibirsk, with the company planning to expand into ltai, Krasnoyarsk, Omsk and Tomsk.
“We want to grow by three times at least. Now we have 159 venues, we’d like to have around 500 venues all in all,” said senior vice-president, Oksana Dunaevskaya.
A further share issue slated for 2023-2024 will enable the coffee chain expand into the south of the country and Moscow suburbs, Interfax reported.
World Coffee Portal data shows coffee and café culture is gaining traction in Russia. The country’s branded café market grew by around 16.5% in 2020 to exceed 4,000 outlets and is now the third-largest by outlets in Europe – behind the UK and Germany – after overtaking France in 2020.