Belkacar prepares Pre-IPO and invites investors

One of the large Russian car sharing operators Belkacar wants to attract up to 2 billion rubles from retail and institutional investors to develop their business, offering them from 16% to 23% in the company. According to Kommersant, this may become a preparation for the operator’s IPO: additional funds are necessary for the company to expand the fleet.

Belkacar, which ranks fourth among Russian car sharing operators (see more information), intends to conduct PRE-IPO. As follows from the company’s investment offer, the operator wants to attract 1.2-2 billion rubles. In exchange, Belkacar is ready to offer an investor or pool of investors 16–23% in the business of the company.

The same document states that the participants in this round of investment attracting their shares in the operator’s business after 18-24 months during the possible IPO Belkacar. The operator assumes that in this case, the profitability of investors can reach 275% of the invested funds. If the initial placement of the company’s shares does not occur on the exchange, then the investor is guaranteed a yield of 25%. Belkacar did not respond to Kommersant’s request.

As noted in the investment proposal of the car sharing operator, the investments attracted will help him increase the fleet of up to 30 thousand cars.

Now this indicator for the company was about 7 thousand at the end of 2024. It is proposed to send half the amount of funds raised for these purposes, it is planned to send the second half to pay off the debt. According to the SPARK, at the end of 2024, the total volume of long -term obligations of Karchering JSC, Belkacar, reached 14.52 billion rubles, revenue for this period decreased by 13.47%, to 4.6 billion rubles, the loss amounted to 937.83 million rubles.

With the current hard monetary policy, attracting debts to repay debts in exchange in business is seen by the most obvious decision, said Andrei Vanin, director of transactions in the BCS Investment BCS market. Senior Analyst Gazprombank Marat Ibragimov says that investment in the car sharing business, which can show growth in a short time-one or two years, can be interesting to venture companies, special funds, as well as retail investors.

As the Practice of the Delimulars showed in 2024, car sharing is interesting to both retail and institutional investors, Anna Ivanova, Junior Director for Corporate Ra Corporate ratings, confirms.

At the same time, in addition to the high key rate of the Central Bank, the mainly short -term investment strategy for market participants and macroeconomic risks are maintained as risks.

Mr. Ibragimov, as risks, PRE-IPO identifies the ineffective implementation of the business strategy, which will not allow the company to achieve planned results by the time of the IPO. In addition, he notes, there is a possibility that the company may not reach break -as, as a result of which it may require additional third -party funding.

The stock market has recently very volatile and does not withstand competition with alternative and less risky investment options, Andrei Vanin points out. According to him, in such conditions, the proposal of shares, and even more so the offer at the PRE-IPO stage, can be quite interesting potential investors in terms of risk and profitability.

The reality of Belkacar’s profitability on the horizon is 18–24 months – 275% – it is difficult to evaluate, since the current macroeconomic environment undergoes significant changes and is difficult to predict, Anna Ivanova argues.

On the one hand, such three -digit profitability seem excessively ambitious, on the other hand, this is possible with a significant growth of the operator’s fleet, Mr. Vanin concludes.

According to the audit company B1, the Russian car sharing market in 2023–2028 can grow by an average of 40%, reaching 234 billion rubles.

Vladimir Komarov, Daria Andrianova, Vitaliy Gaidaev