Magnit raises USD527 million in share offer

Russian retailer Magnit has raised USD527 million in an oversubscribed secondary share offer. The issue is the largest Russian secondary share offering since the financial crisis hit in the summer of last year. Magnit currently has around 3,000 stores and plans to use the cash to expand further.

"The company intends to use the net proceeds it receives from the issuance to finance further expansion of its chain of hypermarkets as well as to continue the expansion of its convenience store operations and further development of its logistics capabilities," Magnit said in a statement on Thursday.