Opening Day: Russian Online Retailer Raises $990M In U.S. IPO

Ozon Holdings, a Russian online retailer, raised $990M in its initial public offering in the U.S., with shares rising as much as 42% in their first trading day. Ozon is the first Russian IPO to list on U.S. domestic exchanges since May of last year. Meanwhile, Vision Marine Technologies soared 72% in its debut on Wednesday.


HF Enterprises (HFEN) opened on November 24 at $6.80. The company had priced its initial public offering of 2.16M shares of its common stock at a public offering price of $7.00 per share. Aegis Capital acted as lead bookrunning manager. HF Enterprises is a holding company principally engaged through its subsidiaries in property development, digital transformation technology and biohealth activities.

Ozon (OZON) opened on November 24 a $42.30 per American Depositary Share, or ADS. The company had priced 33M ADSs at $30.00. The deal size was increased to 33M shares of common stock from 30M shares of common and priced above the $22.50-$27.50 range. Morgan Stanley, Goldman Sachs, Citi and UBS acted as joint book running managers for the offering. Ozon Holdings is a Russian online retailer.

Vision Marine Technologies (VMAR) opened on November 24 at $11.03. The company had priced 2.4M shares at $10.00. ThinkEquity acted as sole book running manager for the offering. Vision Marine Technologies designs and manufactures electric outboard powertrains for marine use.


Forest Road Acquisition (FRX) opened on November 25 at $10.35. The blank check company had priced its upsized initial public offering of 26.1M units at $10.00 per unit. Forest Road Acquisition currently intends to concentrate its search for a target business operating in the technology, media and telecommunications space.

Spartan Acquisition Corp. II (SPRQ) opened on November 25 at $10.24. The blank check company had priced its initial public offering of 30M units at $10.00 per unit. Spartan Acquisition Corp. II intends to focus its search for a target business in the energy value chain in North America. The company is sponsored by Spartan Acquisition Sponsor II, which is owned by a private investment fund managed by an affiliate of Apollo Global Management (APO).

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