Qiwi Plc, the Russian instant payment operator is now in the process of conducting an IPO at the Nasdaq Stock Market. This is the second IPO by a Russian firm this year and it is projecting a fund raiser of nearly US$244 million.
The company had set the price of 12.5 American Depositary Shares at US$17 per share according to a statement made yesterday. One of the company's shareholders is billionaire Alisher Usmanov of Mail.ru Group and they are also selling the stock with an underwriter's sale option for about 1.875 million securities. The deal was priced between the price range of US$16 and US$18 per share offer range with trading scheduled to commence in New York Friday.
Qiwi is based out of Nicosia, Cyprus and it allows merchants to accept cash and electronic transactions from as many as 65 million customers per month. The company operates eleven million virtual wallets co-branded with Visa together with cash collecting terminals and kiosks. Total revenue generated last year was at US$293 million with profits attributed to shareholders amounting to about US$30 million.
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