LLC „Carsharing Russia” (the main operating company of carsharing „Delimobil”) in the week from July 25 will collect applications from investors for the purchase of a three-year debut issue of bonds of series 001P-01 in the amount of 3 billion rubles, a source at the financial market.
The yield benchmark is a premium of 500 basis points to OFZ for a period of three years. Quarterly coupons available.
Gazprombank will be the arranger and agent for the placement.
The issue will be placed as part of the company’s bond program in the amount of up to 50 billion rubles, registered by the Moscow Exchange on July 6.
Vincenzo Trani, co-founder of Delimobil, told Interfax that the proceeds from the bond placement will be used to develop business in Russia in order to strengthen its leadership in the market and increase the company’s profitability. Trani also added that the company plans to invest in renewal and expansion of the fleet, expansion of the regional presence, development of technologies and operational infrastructure.
„We see great prospects for our company in the Russian market. For many, carsharing has become a familiar way of getting around, we have a growing customer base, there is a need for carsharing in many cities. Therefore, we plan to invest funds from bonds in business here. We will develop a fleet of vehicles, technologies and launch carsharing in new regions,” he concluded.
At the end of May, ACRA assigned Carsharing Russia LLC an A+(RU) rating with a „stable” outlook. The agency indicated that at the end of 2021, Delimobil held a leading position in the car sharing market in the Russian Federation. The average annual revenue growth rate for the last 3 years was 60%.
Delimobil operates in 10 cities of the Russian Federation, its vehicle fleet exceeds 20,000 vehicles, and its registered user base is over 7.8 million people.
According to ACRA estimates, at the end of 2021, Delimobil’s revenue amounted to 12.9 billion rubles, the amount of funds from operating activities (FFO indicator) before net payments and taxes was 2.6 billion rubles. The FFO margin before net interest and taxes was 20.5%.
Carsharing Russia is the main asset of Delimobil (DMOB) Holding SA Carsharing Russia should account for more than 80% of revenue and assets within the holding, which also includes the Anytime Prime subscription car service.