Grocer Magnit is planning a secondary share offering this autumn in London and Moscow as it aims to raise more than $300m (£186m). Magnit wants to sell up to 10 per cent of its shares on the London Stock Exchange and Moscow’s MICEX and RTS.

Morgan Stanley and Russia’s VTB Capital are the lead underwriters for the share placement, according to Russian newspaper Kommersant. The retailer operated 2,763 stores as of the end of May. Revenues totalled $425m (£263.5m) that month.

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