Russian hypermarket Lenta has revealed plans to list on the London Stock Exchange and then in Moscow as it hopes to raise an estimated $1bn.

Lenta shares will be offered by owners US buyout firm TPG Capital, the European Bank for Reconstruction and Development and Russia’s VTB Capital.

The value hypermarket chain said in an update to the City today that the float would aid its expansion plans. It has 77 hypermarkets across 45 Russian cities including 10 in Moscow.

However, Lenta has no plans to open stores in the UK in the “foreseeable future” a spokeswoman told Retail Week.

Lenta chief executive Jan Dunning said: “Our proposed offering represents a major milestone for us and comes at an exciting time in Lenta’s development.

“Over the past few years we have developed a distinctive, price-led hypermarket model with universal appeal and a focus on local assortment. Our efficient supply chain and standardised low-cost operating model enable us to provide customers with quality products at low prices.

“Our business model and flexible store formats have a proven ability to capture the growth potential in the Russian food retail market, and Lenta is now pushing ahead with a programme of store roll-outs across Russia.”

Credit Suisse, JP Morgan and VTB Capital are acting as joint global co-ordinators and joint bookrunners, Deutsche Bank and UBS Investment Bank are acting as joint bookrunners, TPG Capital BD, LLC is a co-manager. Rothschild is financial advisor to the retailer.