Nearly 20x coverage for Ozon's US float

摘要

Massive demand led to a near 20 times covered book for RUS$ian e-commerce business ozon's US IPO on Monday evening. Unsurprisingly, there was significant demand for the shares on debut on Tuesday, with the stock closing up nearly 34%. The base deal size increased to 33m ADS from 30m and pricing came at US$30, well above the US$22.50-$27.50 price range. As a result, the base deal size is US$990m, with provision for a 4.95m ADS greenshoe. The market cap is US$6.25bn. Ozon was heavily involved in allocating a book of approximately 400 lines, with management specifically allocating a third of the book and excluding 20%. In total, the top 10 orders took approximately half of the float and there was a skew to RUS$ian money.