Date

Sat - 18.11.2017


stock exchange

Russian Facebook investor Mail.ru Group saw a 30 percent climb on the London Stock Exchange last Friday, gathering US$912 milllion, Bloomberg reported. The Initial Public Offering valued Mail.ru at $5.71 billion, which was the largest in the UK since July.

The Internet firm and its current stakeholders sold 32.9 million global depositary receipts for $27.70 each, Bloomberg revealed. However, on Friday the figures experienced a boost as they reached $37 per share, AFP informed.

Mail.ru operates Russian-language e-mail, gaming sites as well social networks, such as Odnoklassniki and VKontakte. The Wall Street Journal outlined that the company appealed to investors because they saw a chance to bet on the possible development within the country's economy as well as Mail.ru's significant market shares in strategic areas.

"This is the first issue in 2010 that has been able to place at the top of the indicated price range," said Chris Weafer, chief strategist at financial group Uralsib. "While most other IPOs have struggled in tough market conditions, Mail.Ru has certainly hit a sweet spot."

Author

Alisa Zykova

Date

2010-11-08 21:45

Facebook Inc. and Groupon Inc. investor Mail.ru Group Ltd. Has filed a US$876 million IPO to go public on the London Stock Exchange, Bloomberg reported today.

The Russian Internet group is publishing for a valuation of up to $5.7 billion, the Wall Street Journal noted. It is looking to sell 3.03 million new shares and 28.59 million existing shares in the form of global depositary receipts at between $23.70 and $27.70 per GDR. If it's successful, the IPO will be the largest in the United Kingdom since July, when mining fund Vallar Plc raised $1 billion. Mail.ru could raise up to $83.1 million, and the company's owners could make up to $792 million from selling their stake in the IPO.

However, the valuation looks to be "too high" - more expensive than Internet companies anywhere but China, analysts told the WSJ.

"Such a valuation must assume significant growth of all the assets and the additional value from the synergies between them," Andrey Bogdanov, analyst at Gazprombank, told Reuters.

The Moscow-based Mail.ru owns 2.4 percent of Facebook, 5.1 percent of Groupon and 1.5 percent of Zynga Game Network, according to Bloomberg.

Author

Leah McBride Mensching

Date

2010-10-26 16:16

The U.S. Securities & Exchange Commission on Friday sanctioned Canadian attorney Peter Y. Atkinson for covertly diverting to himself US$285,000 in connection with the sale of several U.S. newspapers, Trading Markets reported Friday.

Atkinson, currently incarcerated in Pennsylvania for the same activity, was general counsel and a board member of media holding company Hollinger Inc., of Canada, as well as an executive at Hollinger International of Chicago, now known as Sun-Times Media Group.

The illegal compensation, labelled "supplemental non-competition payments," formed no part of the purchase-and-sale agreements between Hollinger and its newspaper buyers nor were the payments disclosed to investors as required under the Securities Exchange Act of 1934.

Author

Leah McBride Mensching

Date

2009-10-12 21:08

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