Russian Lenta to float in London at 10 dollars a piece

Russian hypermarket Lenta, which is keen in strengthening its clothing

and shoes offering beyond Russia's borders, is set to announce a price of 10 dollars per global depository receipt (GDR) for its forthcoming float in London.

Lenta's floatation is expected to raise up to 952 million dollars for its private equity owners, TPG Capital.

According to market sources, the expected 10 dollar price will give Lenta an equity value of circa 4.3 billion dollars.

Investors and analysts alike were previously expecting the stock's price market to come in at between 9.50 and 11.50 dollars per GDR - a type of share - although this range narrowed to 10-11 dollars earlier this month due to high demand, highlighted Reuters.

Credit Suisse, JP Morgan and VTB Capital have acted as co-ordinators and joint book runners on the offering, together with Deutsche Bank and UBS.

The offering, which was marketed in the UK, Russia and the US, will see TPG and other shareholders sell 22.1 percent of the business.