Russia-headquartered e-commerce marketplace Ozon officially filed for an initial public offering on the Nasdaq Global Select Market on Monday that would enable conglomerate Sistema to exit.
The offering could raise at least $500m for the company, two financial market sources told Reuters.
The company is also launching a private placement concurrently to the IPO. The Wall Street Journal reported last month it would pursue a valuation between $3bn and $5bn in the offering, and the sources told Reuters it may list its shares in Russia too.
Ozon runs an online marketplace with 11.4 million buyers and more than 18,000 sellers in the year leading up to October 2020. It increased revenue 62% to $60.1m in 2019, though its losses more than tripled to $19.4m in the same period.
Sistema and private equity firm Baring Vostok co-led a $150m round for the company in March this year that included Princeville Capital, the two having previously supplied $154m in June 2019.
E-commerce firm Rakuten, Ru-Net, Index Ventures and Alpha Associates had provided $100m for the company in 2011 but most of those investors appear to have sold their shares, likely in deals following a $150m investment by Sistema and its MTS subsidiary in 2014.
The overwhelming majority of the company’s stock is owned by four shareholders: Sistema (45.2%), Baring Vostok (45.1%), Index Ventures (6%) and Princeville Global (5.6%), the stakes also reflecting unconverted debt financing.
Morgan Stanley, Goldman Sachs, Citigroup Global Markets, UBS Securities, Sberbank CIB (UK), VTB Capital and Renaissance Securities (Cyprus) have been appointed underwriters for the IPO.
