Russian online retailer Ozon files registration statement for U.S. IPO

(Reuters) – Russian online retailer Ozon said on Tuesday it had filed for an initial public offering of its American Depositary Shares (ADSs) with U.S. regulators.

The e-commerce firm intends to list the depositary shares the on the Nasdaq Global Select Market. The proposed maximum size of the offering is $100 million, according to the company’s prospectus submitted to the U.S. Securities and Exchange Commission.

Renaissance Capital estimated that the deal could raise up to $500 million. No pricing terms were disclosed by Ozon.

The stock in Ozon’s major shareholder, Russian conglomerate Sistema, jumped more than 3% after the market opening on Tuesday. By 0748 GMT, the shares had pared gains, but were outperforming the wider market. Sistema said in a statement it had noted Ozon’s announcement.

Ozon named Morgan Stanley and Goldman Sachs as joint lead book-running managers for the proposed offering, with Citigroup Global Markets, UBS Securities, Sberbank CIB and VTB Capital as joint bookrunners. Renaissance Securities will act as co-lead manager.

The company said it did not expect to pay dividends in the foreseeable future, with all available funds earmarked for growth.

“We intend to retain all available liquidity sources and future earnings, if any, to fund the development and expansion of our business,” Ozon said.

Reuters cited banking sources earlier this month as saying that Ozon and online cinema ivi were considering IPOs in the United States later this year.

The fast-growing company, whose orders have swelled during the COVID-19 pandemic, with lockdown measures keeping people at home, said in March it was targeting a listing within two years as it invests in logistics to grab market share.

Reporting by Maria Kiselyova, Alexander Marrow and Olga Popova; Writing by Alexander Marrow; Editing by Shailesh Kuber and Louise Heavens