Whoosh, the Russian electric vehicle company, said it could be valued at $400 million through the forthcoming Initial Public Offering (IPO).
The IPO, Reuters reported, will be the first in the Russian market since its Ukraine invasion.
Whoosh’s IPO is likely to give a definite idea about Russia’s capital markets after the sanctions imposed by western countries to condone its actions in Ukraine.
The electric vehicle company plans to sell ₽5 billion ($80.4 million) of shares in the IPO at a price of ₽185 – ₽225 per share.
The IPO proceeds are expected to be invested in more vehicles and expansion in Russia and to other former Soviet nations.
Based on the target prices and offer size, Whoosh’s market capitalization after the IPO could be ₽21 billion – ₽25 billion.
“Whoosh’s IPO may be the first one on the Russian market this year … we are glad to see that our intention to hold an IPO has received a big response from the investment community” the report cited company founder Dmitry Chuyko.
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