QIWI plc (QIWI) IPO Prices at $17, Middle of Expected Range

May 3, 2013 9:21 AM EDT
QIWI plc, (NASDAQ: QIWI) announced the pricing of its initial public offering of 12,500,000 Class B Shares in the form of American Depositary Shares (ADS) at a price of $17 per ADS, the middle of the expected $16-$18 range. The offering size was boosted from 12,000,000. The ADSs will begin trading on the NASDAQ Global Select Market on May 3, 2013 under the symbol "QIWI."

J.P. Morgan Securities LLC and Credit Suisse Securities (USA) LLC are the joint bookrunning managers for the IPO, and Robert W. Baird & Co. Incorporated, Renaissance Securities (Cyprus) Limited and William Blair & Company L.L.C. are the co-managers for the offering.

QIWI is a leading provider of next generation payment services in Russia and the CIS. It has an integrated proprietary network that enables payment services across physical, online and mobile channels. It has deployed over 11 million virtual wallets, over 169,000 kiosks and terminals, and enabled over 40,000 merchants to accept over RUB 39 billion cash and electronic payments monthly from over 65 million consumers using our network at least once a month. QIWI's consumers can use cash, stored value and other electronic payment methods to order and pay for goods and services across physical or online environments interchangeably.

For the years ended December 31, 2010, 2011 and 2012, QIWI plc revenue was RUB 6,158 million, RUB 8,158 million and RUB 8,911 million, respectively. For the years ended December 31, 2010, 2011 and 2012, QIWI plc adjusted net revenue was RUB 2,799 million, RUB 3,254 million and RUB 4,169 million, respectively. For the years ended December 31, 2010, 2011 and 2012, QIWI plc net profit from continuing operations was RUB 617 million, RUB 586 million and RUB 1,048 million, respectively. For the years ended December 31, 2010, 2011 and 2012, QIWI plc adjusted net profit was RUB 768 million, RUB 721 million and RUB 1,306 million, respectively.


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