MOSCOW Reuters Fix Price set the final offer price for its initial public offering IPO at 9.75 per global depositary receipt GDR, the top of its target range, implying a market capitalisation of 8.3 billion, the Russian retailer said on Friday.

Fix Price said it was increasing the size of its offering to approximately 2 billion from around 1.51.7 billion due to strong demand, which would make it the biggest Russian IPO since western sanctions were introduced in 2014.

The total offering of GDRs could reach 205,128,206, representing about 24.1 of Fix Prices total issued share capital if allocated in full, the company said.

Fix Price, which sells lowpriced goods in shops and on line, announced its IPO plans last month aiming to capitalise on its growing popularity as the pandemic reduces many Russians spending power.

We are delighted with the extremely strong interest from the global investor community, which resulted in a strong and diversified order book including a number of bluechip names and enabled us to upsize the offer, Fix Price CEO Dmitry Kirsanov said in a statement.

Investors appreciated the companys business model and growth prospects, Boris Kvasov, cohead of equity capital markets at VTB Capital said, adding that Fix Price was valued at a large premium to Russian companies.

A characteristic of this deal was the increased interest from American investors, demand from whom has recently been rather limited in relation to Russian companies outside the…