"Russian Amazon" seeks Western IPO

"Russian Amazon" seeks Western IPO

Russian eCommerce giant Ulmart will launch an Western IPO next year, although it is unclear which stock exchange will be chosen. The market leader in the fast-growing Russian e-market seeks to attract at least 1 billion dollars.

Honorary title "Global Growth Company"

The company, located in Saint Petersburg, may not be as well-known over here, but its 2014 turnover of 1.3 billion dollars (1.15 billion euro) is an increase of more than 50 % compared to the previous year. Because of that achievement, the company has been given the Global Growth Company title, bestowed by the World Economic Forum to the 300 most dynamic companies in the world. 

 

The "Russian Amazon" - owned by investors August Meyer and former Russian hypermarket chain Lenta's reference shareholder, Dmitry Kostygin - hopes to expand more quickly in order to take advantage of the fast-growing Russian e-market. Ecommerce Europe has calculated that the market has grown 47 % in 2013 to 15.5 billion euro. Research firm yStats.com has estimated the Russian digital market would have nearly doubled by 2018, to 30 billion euro. Ulmart itself is currently worth 5 to 6 billion dollars, if investments banks are to be believed.

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