Russia's Mail.ru Eyes $750 Million IPO

October 11, 2010 at 10:01 am PT

MOSCOW—Russian Internet company Mail.ru Group Ltd. on Monday accelerated plans for a London initial public offering valued at around $750 million.

With major shareholders from Russia, China, and South Africa, the deal highlights the growing independence of emerging-market Internet firms from their developed-market peers.

Mail.ru said Monday the IPO would take place this year on the London Stock Exchange, and existing shareholders will list global depositary receipts, each valued equivalent to one share.

The company may be valued at around $5 billion, with a stake of close to 15% being sold on the exchange, according to two people familiar with the matter. In a statement released Monday, Mail.ru Group declined to specify the size of the IPO.

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Tagged with: China, digital, frontpage, innovation, Internet, IPO, London Stock Exchange, Mail.Ru, Russia, shareholders, South Africa

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