Russian online retailer Ozon Holdings targets $1 billion in U.S. IPO

Russian online retailer Ozon Holdings aims to raise nearly $1 billion in a U.S. initial public offering (IPO) to capitalise on an e-commerce boom in Russia due to the coronavirus pandemic.

Like most e-commerce firms, Ozon has seen online orders surge as pandemic lockdown measures keep people at home.

In a regulatory filing, privately-owned Ozon said it planned to issue 30 million American depositary shares (ADS) at between $22.50 and $27.50 each, raising up to $825 million.

If underwriters buy up to 4.5 million more ADS, Ozon might raise as much as $948.8 million, it said in the updated prospectus submitted to the U.S. Securities and Exchange Commision (SEC).