The e-commerce giant Ozon went public on Nov. 24 on the Nasdaq stock exchange in New York, and enjoyed one of the most successful initial public offerings (IPO) for a Russian business in years.

The company managed to sell 33 million shares at $30 each, raising $990 million. Initially, the company had planned to sell 30 million shares in a price range of $22.50-$27.50. Ozon’s shares immediately jumped by 40 percent to nearly $42 per share when trading got underway. 

The e-tailer indicated that the proceeds of the IPO will be used for general corporate purchases, but financial analysts expect them to finance the company’s expansion.

Ozon is currently Russia’s second-largest online retailer, with a market share of around 4 percent. The country’s biggest e-tailer, Wildberries, claims over 10 percent of the market. Ozon describes itself as Russia’s Amazon, as the company adheres to a similar development model as the world’s biggest online retailer.

In the first half of the year, Ozon posted sales of 77.4 billion rubles (€856m-$1.04bn), up by 152 percent from a year earlier thanks to the Covid-19 related lockdowns in the country. Ozon does not disclose sales by segments, but fashion goods are believed to be the most important segment for the company.

E-tailers in Russia have captured 30 percent of the fashion market this year, compared to only 15 percent a year earlier thanks to the coronavirus pandemic, the Russian think tank Infoline Analytics estimated.