Ozon Holdings, a leading Russian e-commerce platform, filed on Monday with the SEC to raise up to $100 million in a US initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $500 million.
Ozon operates in Russia's e-commerce market, connecting buyers and sellers of a wide selection of products through its online platform. With its nationwide logistics infrastructure, the company served roughly 11.4 million active buyers in the 12 months ended September 30, 2020, with revenue coming through both third-party transaction facilitation and direct-to-consumer sales.
Primary shareholders include Sistema (45% pre-IPO stake), Baring Vostok Capital Partners (45%), Index Ventures (6%), and Princeville Capital (6%).
The Nicosia, Cyprus-based company was founded in 1998 and booked $1.1 billion in sales for the 12 months ended September 30, 2020. It plans to list on the Nasdaq but has not selected a ticker yet (RC ticker: OZON.RC). Ozon Holdings filed confidentially on September 8, 2020. Morgan Stanley, Goldman Sachs, Citi, UBS Investment Bank, Sberbank, VTB Capital and RenCap Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
