Russian Internet retailer Ulmart is in talks with several funds on a private placement of about 15 percent of its shares, hoping to raise at least $150 million this year, the company’s chairman of the board and co-owner said on Thursday.

Dmitry Kostigin told Reuters in an interview at the St Petersburg International Economic Forum that he expects Ulmart’s 2015 sales to be $1.2- $1.3 billion and that sales could reach $3-4 billion in 2016.

(Reporting by Maria Kiselyova and Olga Sichkar, Writing by Lidia Kelly, Editing by Timothy Heritage)

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