Russian hypermarket chain Lenta, part-owned by U.S. private equity firm TPG, has set a price of $10 per global depositary receipt (GDR) for its planned London initial public offering – at the lower end of a range.

Lenta is among a number of retail companies hoping to tap into demand from foreign investors for stakes in consumer-oriented businesses in Russia.

The company said the total size of the offering is $952 million, or $1.1 billion if its over-allotment option is exercised in full. The offering will give the company a market capitalisation of $4.3 billion, it said.

The company had set a range of $9.5-$11.5 per GDR for the offering.