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coverage of Russian military operations in Ukraine.
MOSCOW, Feb 13 (Reuters) - Russian car-sharing service Delimobil announced a restructuring on Monday and could yet resurrect a possible initial public offering (IPO). The company said shareholders had approved a decision to switch from a limited liability company into a joint stock company. The new entity - to be named Carsharing Russia - will consist of 10 million ordinary shares with a par value of 0.01 roubles ($0.0001) each. The company told Reuters in a statement that the transformation "is being carried out to make corporate governance changes" and to address unspecified "long-term business objectives." Asked whether an IPO was likely, a company representative said: "We do not rule out such a possibility."
The person did not say where or when a potential stock market launch could take place. Delimobil postponed plans to launch on the New York Stock Exchange in November 2021, citing market conditions. It had been aiming to raise as much as $240 million with a valuation of more than $900 million. Several other Russian companies postponed IPO plans at the end of 2021 citing market conditions.
The launch of what Russia calls a "special military operation" in Ukraine has further derailed many companies' plans to go public, as Western sanctions have locked Russian companies out from global capital markets and financial services. (Reporting by Gleb Stolyarov)
