(Bloomberg) -- Softline Holding Ltd., an IT services and cybersecurity provider founded by Russian businessman Igor Borovikov, set a price range for its initial public offering in London and Moscow that values the company at as much as $1.93 billion. 

That’s the top end of the $7.50 to $10.50 per share range proposed to investors, the company said in a statement on Monday. The bookbuilding process is expected to be completed around Oct. 26 with the final price announced the following day.

The company plans to raise about $400 million selling new shares and will use the proceeds for acquisitions and development, it said. Based on the price range, Softline expects a market capitalization of between $1.49 billion and $1.93 billion.

Russia remains one of the biggest markets for Softline, which Borovikov founded in 1993. The company has since set up headquarters to London, where it plans to have its primary listing. Markets outside of Russia accounted for 45% of revenue in 2020, the company said earlier in September. 

Shareholders, including Borovikov’s SoftlineGroup Inc as well as Da Vinci Capital and Zubr Capital, are expected to sell additional general depository receipts or GDRs equal to as much as 15% of the total number of GDRs being sold in connection with the over-allotment option. 

The GDRs trade on the London Stock Exchange’s main market for listed securities, with a secondary listing on Moscow Exchange. 

Credit Suisse Group AG, JPMorgan Chase & Co. and VTB Capital will act as joint global coordinators and joint bookrunners. Alfa Capital Markets, Citigroup Inc., Gazprombank JSC and Sberbank CIB have been appointed as joint bookrunners. 

©2021 Bloomberg L.P.