Page 120 - RusRPTJan21

8.3.3 ​ ECM news
Ozon Holdings​ ​announced ​the completion of its IPO on December 9, which ​started triumphantly on November 24​, reports East-West Digital News (EWDN). In total, 37,950,000 ordinary shares represented by American depositary shares (ADSs) were acquired by new investors, including those corresponding to purchase options exercised by underwriters. Taking into account the private placements and other subscriptions from Ozon’s existing shareholders, Baring Vostok and Sistema, the company has issued in total 42,450,000 new ordinary shares. The e-commerce major received gross proceeds of $1.27bn, or net proceeds of $1.20bn. When it filed for the IPO in early November, Ozon ​expected to raise just around $500mn​. As result of these transactions and exercises of outstanding convertible loans in December 2020, Ozon has a total of 208,202,929 ordinary shares on a fully diluted basis, which are split as follows:
Ozon shareholder structure post IPO
Sistema
68,827,227
33.1%
Baring Vostok Private Equity funds
68,709,105
33%
Other pre-IPO investors (less than 5% of total)
32,716,597
15.7%
New Investors
37,950,000
18.2%
Source: Ozon
A sale of some of​ ​Gazprom​’s stake in​ ​Gazprom Neft​ (SIBN) is under discussion​, per Gazprom Neft CFO Alexey Yankevich, although the company’s press service quickly clarified that was a hypothetical rather than active discussion. SPO could boost MCap of both companies, but unlikely in near-term plans. Should Gazprom try to sell some of its >95% stake in Gazprom Neft (SIBN), it could work out positively for minority shareholders of both companies. First, Gazprom Neft’s low free float could get a substantial boost, perhaps enough to clear a threshold for inclusion into an MSCI index, widening its investor base significantly. Second, the presumed rise in interest in SIBN could help parent Gazprom get more recognition for the value inherent in its valuable liquids business, which we think gets overshadowed in investors’ minds by its immense gas business. However, judging by the quick reaction of the company’s press service, it appears that although the question may arise occasional in a hypothetical manner within the two companies, it is probably not in the companies’ active, near-term plans.
Oleg Tinkov sold 10.7mn shares in TCS (Tinkoff Bank) in an ABB at a price of $30.50 per share, a 7% discount to the close on December 10​.
120 ​RUSSIA Country Report​ January 2021 www.intellinews.com