Qiwi, a Russian internet payment system, whose two main shareholders are Mail.ru and Mitsui, now has set the price for an upcoming SPO in New York at USD 30.50 per share, which was below the market price of USD 31.26. The amount of the SPO is expected to total USD288 million.
Mail.ru was able to raise USD51.79 million from selling of a part of its stake in Qiwi during the company’s IPO on NASDAQ.
Mail.ru’s stake went down from 21.35 percent to 15.5 percent. Mitsui sold part of its stake at the IPO also, decreasing its ownership from 14.9 percent to 11.3 percent and raising USD31.6 million.
Andrei Romanenko, chairman of the board at Qiwi, reduced his stake from 12.7 percent to 7.3 percent. Other executives followed Romanenko’s example. Andrei Muraviyev and Igor Mikhaylov reduced their shares from 8.5 percent and 4.4 percent to 4.9 percent and 2.5 percent respectively. Sergei Solonin now owns
25.4 percent, which makes him the greatest shareholder because he did not sell any portion of his stake. During the IPO, Qiwi’s stock was sold mainly to investors from the U.S.
Qiwi provides services for 65 million customers every month in the C.I.S. countries. The company was started in 2004 and has 11 million permanent accounts. Qiwi’s revenue in 2012 equaled USD287 million, a figure that reflects a nine-percent increase from the results of the previous year. The company recorded a net profit of USD27 million.
The volume of Qiwi’s online transactions in Russia rose in one year by 34 percent, according to 2012 data quoted by Gazeta.ru. Qiwi does have competitors on the Russian market, some of which are Yandex.Money and Web Money, which hold 20 percent of the online payment market. The rest 80 percent belong to Qiwi. Yandex.Money is controlled by Sberbank.
Under international accounting standards Qiwi’s net profit increased five times year-on- year to USD13.7 million (RUR453 million). The company’s revenues in the second quarter went up by 36 percent.
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