(Bloomberg) --

Softline Holding Plc, an IT services and cybersecurity provider founded by Russian businessman Igor Borovikov, will sell $400 million of new shares in an initial public offering in London and Moscow at the low end of its price range.

The group set its offer price for 53.3 million shares, representing 29% of its current share capital, at $7.50 a piece in London, the company said in a statement Wednesday. The sale values the group at about $1.5 billion. 

Softline’s share sale comes after Renaissance Insurance Group JSC, Russia’s largest online policy provider, went public last week amid renewed interest in local listings. Carsharing service Delimobil and real-estate platform Cian have also filed to sell shares. The first half this year was Russia’s busiest for stock offerings since before the annexation of Crimea. 

Borovikov founded Softline in Moscow as software reseller in 1993 with 10 employees. The company initially sold Microsoft solutions, and then expanded to other product lines and regions. Today, it employs around 6,000 people in more than 50 countries. 

Softline had annual sales of $1.79 billion and $52 million in adjusted earnings before interest, taxes, depreciation and amortization in the year ended March 31, according to the IPO prospectus. 

Shareholders, including Borovikov’s Softline Group Inc, Da Vinci Capital and Zubr Capital, will make available additional general depository receipts representing as much as 4.4% of the total number of shares in connection with an over-allotment option. 

Credit Suisse, JPMorgan Chase and VTB Capital acted as joint global coordinators and joint bookrunners. Alfa Capital Markets, Citigroup, Gazprombank and Sberbank CIB also helped organize the sale. 

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