Russian e-scooter firm Whoosh says it is considering IPO

November 28, 2022 10:53 AM MSK | By Reuters


This content was produced in Russia, where the law restricts coverage of Russian military operations in Ukraine.

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MOSCOW, Nov 28 (Reuters) - Russian e-scooter firm Whoosh said on Monday that it is considering holding an initial public offering (IPO) on the Moscow Exchange, in what would be Russia's first public listing since the conflict in Ukraine began.

At least 10 companies from commodities to the financial and retail sectors were looking to

go public

in 2022, advisers and bankers said late last year, but Russia's IPO market has stalled since Moscow sent tens of thousands of troops into Ukraine in February.

The company did not disclose how much it was seeking to raise through the IPO, but said it would use the capital to expand its fleet of electric scooters, enter new regions and strengthen its market position. Existing shareholders would also sell down some of their holding in the IPO, the company said in an announcement.

Whoosh - Russia's largest e-scooter company - reported revenues of 6.3 billion roubles in the first nine months of 2022, up 70% on the same period in 2021, and said profit was 1.6 billion, down 10%. It registered a total of 46.6 million individual rides on its e-scooters during the period - more than double last year's level - and said it is active in 40 cities. (Reporting by Alexander Marrow, Caleb Davis and Jake Cordell; Editing by Mark Trevelyan)

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