Online retailer Utinet.ru raises 390 mln rbls in IPO

18:50, 20 July 2011

MOSCOW. July 20. KAZINFORM The first Russian online retailer Utinet.ru, will raise 390 million rubles ($13.92 mln) from its initial public offering in Moscow after the bid book was oversubscribed 230 percent, Vladislav Kochetkov, head of Finam lead manager, said on Wednesday. Kazinform refers to RIA Novosti.

The price for Utinet.ru stock was set at 195 rubles per share, on the upper price guidance boundary, valuing the company at 3.9 billion rubles, Kochetkov said.

"The IPO was successful. In the middle of last week, the book was full. On Friday, we already had an oversubscription," Kochetkov said.

Utinet.ru, which sells computers and household appliances, offered investors 10 percent of its existing shares.

About 500 private investors purchased 25 percent of the stake on offer with the remaining shares sold to large anchor investors, including foreigners, Kochetkov said and mentioned Hong Kong, EU and U.S. funds among the buyers.

Russia's major stock exchange, the MICEX, will start trading Utinet.ru shares on July 25. In the future, Utinet.ru expects to sell a new share issue via a private subscription. Kazinform cites RIA Novosti. See www.en.rian.ru for full version

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