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16 I Companies & Markets bne December 2020
fag-end of his presidency left to outdo himself insulting the president of another country. Turkey’s president claimed to have chucked Trump’s letter in the bin, but he replied to it with a missive asking him to beg understanding of Turkey from the US Congress.
On a note of interest, Erdogan’s weekend saw him fire a central bank governor who is a former director at Halkbank, the lender in hot water with US prosecutors for alleged Iran sanctions-busting. Albayrak, who served as Erdogan’s right-
Russia's Ozon e-commerce competes IPO, raises $1bn and market cap over $8bn
IntelliNews Pro
Russian e-commerce major Ozon Holdings has set an IPO price at $30 per American Depository Receipt, and is planning to raise a total of $0.99bn from 33mn ADRs, the company said on November 24.
Together with an option of 4.95mn ADRs available to underwriters, the IPO value could reach $1bn, with the total valuation at $6.2bn.
As reported by bne IntelliNews, Ozon has registered its intention to IPO, with valuations for the company previously ranging from $4bn-12bn.
Notably, in the end Ozon raised the placement price from the initial guidance of $22.5-27.5 on high investor demand.
Trading was due to start on November 24 on NASDAQ, the Moscow Exchange and Saint Petersburg Exchange under the OZON handle. After just a few hours of trading, Ozon’s share price rose 40%, lifting the company’s capitalisation above $8bn.
The company also confirmed its plans to raise another $135mn from a private placement from main shareholders AFK Sistema multi-industry investment conglomerate and Baring Vostok fund.
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hand man in various schemes, is of course also out. Hakan Atilla, the former Halkbank director who did jail time in the US in the sanctions case, remains head of Borsa Istanbul, but he’s paid his penalty and has a clean nose at the moment.
Main opposition Republican People’s Party (CHP) leader Kemal Kilicdaroglu, who congratulated Biden as early as November 7, wryly remarked on November 9 that Erdogan cannot “save the king by sacrificing the queen”.
The stakes held by Sistema and Baring Vostok funds in Ozon would be 45.2% and 45.1% if taking into account all options, convertible loans and other instruments being exercised. The remaining stakes in Ozon are held by the US-based VC firms Index Ventures and Princeville Global.
The analysts previously saw the IPO news as positive and a key near-term catalyst for AFK Sistema.
E-commerce is booming in Russia, with online sales growth twice as fast as traditional channels. And the four biggest companies – Ozon, Wildberries, Sber and Yandex – in the space are growing even faster at up to 80% a year, Ozon CEO Alexander Shulgin told bne IntelliNews in an exclusive interview in September 2019.
“In the end Ozon raised the placement price from the initial guidance of $22.5-27.5 on high investor demand”