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ISSUE – NOV. 17 | Russia’s Ozon targets $750 million in IPO as e-commerce booms: sources

Russian online retailer Ozon plans to raise about $750 million in an initial public offering (IPO) in the United States to help fund its expansion in a rapidly-growing e-commerce market at home, three financial market sources said. Russia’s fragmented e-commerce market is forecast to grow by more than 40% to 2.5 trillion roubles ($32.4 billion) this year, according to Euromonitor research group, and by 10-15% a year over the next five years. Revenues at Ozon, a Russian version of U.S. e-commerce giant Amazon.com Inc <AMZN.O>, surged as much as 70% in the first nine months of the year, as people switched to online shopping in the coronavirus pandemic. Ozon was initially aiming for $500 million in the IPO, but has since raised that to $750 million, the sources said. Ozon declined to comment. [ Yahoo ]

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