Qiwi Plc, a Russian instant-payment operator backed by billionaire Alisher Usmanov’s Mail.ru Group Ltd. (MAIL) and Mitsui & Co. (8031), applied for a $100 million initial public offering in the U.S.
JPMorgan Chase & Co. (JPM:US), Credit Suisse Group AG (CSGN) and Renaissance Capital will manage the sale on the Nasdaq Stock Market, Qiwi said in a U.S. filing late yesterday. The Moscow- based company plans to sell shares in the first half, Alexandra Vysochkina, a spokeswoman, said by phone.
Qiwi enables merchants to accept cash and electronic payments from as many as 65 million customers a month, the company said. It runs 11 million virtual wallets co-branded with Visa Inc. (V:US) and operates cash-collecting terminals and kiosks. Revenue last year totaled $293 million, and profit attributable to shareholders amounted to $30 million, it said.
The IPO proceeds will go to the selling shareholders and not to the company, Qiwi said, without elaborating who plans to dispose of stock. The founding shareholders are expected to retain more than 50 percent of the voting power, it said.
Chief Executive Officer Sergey Solonin owns 25 percent of Qiwi, part of the almost 60 percent held by the company’s directors and executives, the Russian company said. Mail.ru holds 21 percent of Qiwi shares. Solonin will keep about 25 percent voting control after the IPO, Qiwi said.
Mail.ru hasn’t yet decided whether it will sell Qiwi shares in the IPO, spokeswoman Ksenia Chabanenko said by phone.
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