Shareholders in Mail.ru will sell a further 6.65% stake in the company on the London Stock Exchange
The selling shareholders include the company founder, its managers and the Tiger Global fund, who will place 13.864.705 GDR on the LSE. Mail.ru Group itself is not participating and will not receive any proceeds from the placement.Victor Markov Senior Analyst at Zerich Capital Management, says the internet business is very attractive to investors and that the placement of the additional stake will be successful “The internet business is gaining popularity and huge interest of investors. Mail.ru has announced an impressive results showing a double digit increase of financial figures, hence, I think the shareholders chose a right period to attract funds and buy into other promising projects which could be connected with internet advertising or other social web services. I expect that this amount of shares will be very interesting for narrow profile investment funds, with major IT projects in their portfolio; however, I do not exclude individual market investors holding variety of shares. I agree that the share price is reasonable, the company is currently trading at$34.84 per GDR, and, as I have mentioned, internet business sector with skyrocketing profits and number of users is one of the most promising and rapidly expanding.”