Online guide to the Russian tech market
Home News Ben Hopkins

Russia's QIWI raises $213m in Nasdaq IPO

0 4 May 2013

QIWI, one of Russia’s largest payment transfer companies, yesterday raised $213 million on the first day of its IPO on the Nasdaq stock market. Shares, initially priced at $17, ended the day up 0.5% at $17.08, boosting to company’s total value to around $850 million.

The IPO, organised by J.P. Morgan, Credit Suisse, Renaissance Securities, Robert W. Baird & Co. and William Blair & Company, made 12.5 million American Depository class B shares available for purchase, with the sale’s underwriters also holding sale options on a further 1.875 million. If sold, these would take the IPO’s total value to $244.4 million. 

QIWI operates a huge network of payment terminals in Russia and other CIS states, as well as in China, Brazil, India and South Africa, while its fast growing virtual wallet service, co-branded with Visa, allows users to make electronic payments online. 

Annual revenue in 2012 was $293 million, and there is significant potential for further expansion, as Russia’s market for electronic payments, which could be worth as much as $8.1 billion, continues to grow. 

Current major shareholders in QIWI include Saldivar Investments (25.4%, of which 88.9% belongs to the QIWI founder Sergei Solonin), Mail.ru Group (21.4%), Mitsui & co (14.9%), Antana International (12.7% - main investors Andrei and Nikolay Romanenko), Palmway Holding (8.5% -  Andrei Muravev) and E1 Ltd (8.4%, main investors Boris Kim, Gennady Babkin and Aleksey Korepanov).

Last month QIWI Ventures, the firm’s corporate venture branch, joined Rusbase’s Partners Program

More on the topic

comments powered by Disqus

Author

via social network

Facebook
Google
Twitter
Linked in
Vkontakte