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Mail.ru To Postpone $2 Billion IPO Until 2009

Files under: News, Tech
Posted by: Quintura @ 11:53 [30. 07. 08]

The shareholders of Mail.ru decided to postpone its IPO in London until 2009, reported Kommersant by quoting the company’s CEO. This will help Mail.ru to increase its value from current $1.5 billion to $2 billion, estimated analysts. According to newspaper, Goldman Sachs will handle the IPO. Mail.ru reported the highest EBITDA margin of 64% among top Russian Internet companies on revenues of $56 million in 2007.

Mail.ru‘s shareholders include Digital Sky Technologies (DST) (50.55% shares), Naspers (32.6%) and Tiger Global Management (13.4%). The remaining 3.45% shares are held by minorities and part of share option scheme for top managers. DST acquired 14.55% shares in Mail.ru from the other shareholder Tiger in July 2008.

Naspers valued Mail.ru at $1 billion one year ago when it acquired an additional 2.6% stake in the company.

Yandex, Russia’s largest Internet company by revenues, was expected to go IPO on Nasdaq in late 2008.

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