Russian online retailer Ozon's shares jump in U.S. debut

Shares of Ozon Holdings Plc soared more than 40% in their debut on Tuesday, after the Russian online retailer raised nearly $1 billion in its upsized initial public offering.

The firm’s shares opened at $42.3 per American Depositary Share (ADS), above the IPO price of $30 per ADS.

Ozon had earlier priced its offering of 33 million ADS on the Nasdaq above its target range. Ozon last week said it planned to issue 30 million American depositary shares at between $22.50 and $27.50 each.

The company, in which Russian conglomerate Sistema and private equity firm Baring Vostok each have stakes, also debuted its shares in Moscow on Tuesday, making it Russia’s biggest in three years after the $1.5 billion IPO from En+ Group.

Sales at Ozon, which has more than 11 million active buyers and holds a near 7% share of Russia’s e-commerce market, have boomed this year amid the COVID-19 pandemic as lockdowns forced a switch to online shopping.