Russia-based hypermarket chain Lenta, which is backed by global private investment firm TPG, VTB's investment business VTB Capital and development finance institution European Bank for Reconstruction and Development (EBRD), began conditional trading on the London Stock Exchange on 28 February 2014. Lenta shareholders, led by TPG, raised US$952 million in the initial public offering (IPO), valuing the company at US$4.3 billion. Through the offering, which may increase to about US$1.1 billion should banks exercise an over-allotment option, TPG sold an 11.1 percent stake, EBRD sold a 4.8 percent stake and VTB Capital sold a 2.6 percent stake. Lenta expects to begin trading on the Moscow Exchange on 6 March 2014. TPG and VTB Capital originally invested in the company in October 2009.