Russia: Fix Price completes the exchange of GDR for shares before the start of trading on the Moscow Exchange

The largest Russian retailer of fixed prices, Fix Price, has completed accepting applications for the over-the-counter exchange of global depositary receipts (GDR) for ordinary shares of a public joint stock company. The exchange is being held ahead of the start of trading on the Moscow Exchange, scheduled for August 20, 2025.

The exchange procedure is implemented through a subsidiary of Retail Technologies & Solutions Limited (RTS) and is aimed at investors who own receipts registered with the National Settlement Depository, St. Petersburg Bank and other accounting institutions. As of July 21, the total volume of applications amounted to 105.5 million GDR, which is equivalent to 16.7 billion ordinary shares, or about 16.7 percent of the company's authorized capital.

During the exchange stage, investors applied for the exchange of 18.7 million receipts, which corresponds to 3 percent of the capital. The main volume — 86.8 million receipts, or 13.7 percent of the capital-fell on the OTC stage, which ended on July 18. Acceptance of offers will continue until July 25, after which the final results will be published.

The conversion of receipts into shares is carried out in the proportion of 1 GDR to 158 shares, which makes participation in the procedure accessible to a wide base of investors. These steps are part of a comprehensive restructuring of the issuer due to a change in jurisdiction. In 2024, Fix Price completed the process of redomicilation from Cyprus to Kazakhstan, which allowed to strengthen the legal structure and meet the requirements of the new regulation.

Until January 2025, Fix Price receipts had the first level of listing on the Moscow Exchange. However, in accordance with the decision of the regulator from January 3, they were transferred to the third level along with other companies that changed their foreign jurisdiction.

At the moment, Fix Price retains its leading position in the Russian retail market in the fixed price format. As of the end of the first quarter of 2025, the chain included 7,282 stores in Russia and neighboring countries, including Kazakhstan, Belarus and Georgia. A large-scale network and a stable business model make the company one of the key players in the segment of everyday consumption in the Eurasian space.