IPO and $ 250 million: HeadHunter will be released on Nasdaq



HeadHunter plans to conduct an IPO and raise $ 250 million. The organization has already submitted documents to the US Securities and Exchange Commission (SEC) and plans to place American Depository Receipts (ADRs) on the Nasdaq exchange. The shares have been assigned the ticker HHR.

The initial placement will be organized by Morgan Stanley, Goldman Sachs, Credit Suisse, BofA, Merrill Lynch, VTB Capital and Sberbank CIB. During the IPO, the current shareholders of HeadHunter - Highworld Investments Limited (a division of Elbrus Capital fund, owns 59.99999% of HeadHunter) and ELQ Investors VIII Limited (a division of Goldman Sachs Group Inc., owns 40%) - will place their American depositary receipts (ADS ) At the same time, the company will not receive profit from the IPO. Money will be transferred to current owners.

The IPO application indicates that HeadHunter plans to develop its activities in cities with a population of less than 100 thousand people, as well as increase the number of offers for workers. In addition, management does not rule out the purchase of smaller Internet recruiting companies.

The company has been on the market since 2000 and is one of the ten most popular job search services in the world according to SimilarWeb platform.



In 2016, the Elbrus Capital private equity fund bought HeadHunter from Mail.Ru Group for 10 billion rubles, the valuation of the asset under the IPO is much higher than this amount. This is due to the development of the company: the site is visited daily18 million users, and the database contains 33 million resumes. In addition, the company's revenue is growing significantly every year: in 2017, HeadHunter earned 4.7 billion rubles, which is 44% more than in 2016.

Analysts believe that given the development of the business and the reduction in unemployment, an asset assessment in the IPO may be significantly higher than the amount for which Elbrus Capital bought HeadHunter from Mail.Ru Group.

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