A Russian supermarket chain backed by CVC has been forced to price its flotation at the bottom of a lowered range after investors rejected its attempt to value itself at a premium to the country's listed retail sector.

Dixy Group, which is one of the five largest retailers in Russia, priced its shares at the bottom of a $14.40 to $15.80 range, raising almost $200m (€148m) less than it had hoped to get from its stock market listing.