IPO Runet: YUTINET

    imageThe most significant summer event of Runet in the field of investment can be considered an initial public offering (IPO) and access to the UTINET stock exchange. The story is truly confusing. Confused, first of all, in the question “How much does UTINET cost?”

    It all started back in March. Intrigued investors were waiting for estimates. On the one hand, an Internet company (essentially an online store) with a profitability of 1.8% should not have been highly rated, on the other hand, the premonition of the second dot-com boom promised good prospects for profit. Yutinet wanted to get a lot from investors. The initial assessment of FINAM (IPO operator) was in the range of 8.57 billion rubles. ($ 303 million) to 13.8 billion rubles. ($ 489 million). This gave an unprecedented assessment of the capitalization-to-profit ratio (P / E) of around 400 for Russian exchanges. It turned out that an investment return for IPO participants would have to wait 400 years! However, before my eyes was the IPO of the American social network LinkedIn, which when placing P / E was not an example higher, but in the first days of trading, the growth of quotations threw P / E at the unattainable P / E 800.

    But obviously, the first results of the preliminary subscription, whose advertising was on FINAM, cooled the fervor. A month later, the valuation of UTINET.RU Platform OJSC (which was the name of the re-registered company before going public) was revised downward by 3.3 times and amounted to 2.9-3.9 billion rubles. ($ 104-140 million), and the range of placement is determined at the level from 145 to 195 rubles. per share .

    However, this assessment seemed to some market participants too high. For example, Troika-Dalog experts considered a fair price half as low. And this despite the fact that YUTINET showed revenue and profitability growth in quarterly reporting, promised to increase the profit margin to 7% by 2015 and turned from an Internet-trading company into a “platform”. What is the platform from the point of view of UTINET? The new interface of the “telepathic” product search promised an increase in conversion (the share of customers among the total number of website visitors) and penetration into new segments. Menezhdman promised that the technology of "telepathic choice of goods" will expand the business to new product groups and engage in "sales of leads" (attracting buyers to third-party Internet commerce sites).

    The subscription went on as usual and it turned out that there were more people who wanted to include the shares of UTINET.RU Platforms in their portfolios than the operators expected. Demand for shares at the upper limit of the price range (195 rubles per share) exceeded supply by almost the same 3.3 times and, according to the IPO platform UTINET.RU IPO, attracted 390 million rubles of investments .

    In the near future (July 24, 2011) trading will begin and the market will show whether the price is fair or not. Oversubscription suggests that stocks will grow (as happened in the early days of mail.ru, LinkedIn and Yandex trading). Experienced private investors expect a decline and expect a price around 69 rubles per share .

    We monitor quotes on the MICEX or on exchange terminals.

    PS About the "telepathic" search


    The idea of ​​selecting products according to "abstract" characteristics is nothing new. The Dotkom boom has already killed one such project. Exactly the same concept was used in PriceScan.com back in 1999 (adjusted for the absence of jQuery and AJAX). For example, I enjoyed choosing a bike through PriceScan. A modern bike is like a regular PC a set of components from a limited number of manufacturers, and there are probably more models and suppliers than varieties and assemblers of computers. It is much simpler to indicate “conditions of pokatushek”, the expected daily mileage and the characteristics of the prestige of the brand than to understand the features of the trim and shock absorbing forks. At the end of 2000, PriceScan curtailed its selection and left only the search engine for online stores. Now he has nothing more than a consulting unit. Will hope, that Utinet does not expect their fate. Moreover, this is not just an “intellectual vyborka” but a retailer.

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