The Russian online retailer Platform UTINET.RU will raise 390 million Roubles (ca. $14 million) at IPO by selling 2.0 million newly issued shares at 195 Roubles per share to investors. UTINET.RU was valued at 4,290 million Roubles (ca. $153 million) at IPO, reported newspaper Kommersant. UTINET.RU shares will be traded on MICEX Stock Exchange under the symbol PLUN.
Founded in 2004, UTINET.ru reported net sales of $30 million and EBITDA of $1 million in 2010. The company sells consumer electronics. Utinet.ru has more than 150,000 registered users. Its visitor’s conversion rate is equal to 1.8%.
Prior to IPO, UTINET.ru founders Mikhail Ukolov (CEO) and Oleg Rybakov (CFO) owned 26.71% and 21.32% shares in the company, respectively. IQ One owned 51% shares of UTINET.RU.