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London
CNN Business
—
An electric scooter service just became the only company to pull off an initial public offering in Russia this year.
Whoosh, which made its debut on Wednesday, said that it had raised 2.1 billion rubles ($32.6 million) through the listing, giving it a valuation of 20.6 billion rubles ($320 million).
“In four years, we have gone from a startup to the leader of the Russian [scooter sharing] market, making electric scooter travel a familiar mode of transport,” Whoosh CEO Dmitry Chuiko said in a statement.
But shares were priced on the low end of the company’s expected range. It raised less than half of what it had been aiming for earlier in the month.
The lone debut on the Moscow stock market in 2022, and the first since Russia invaded Ukraine, shows the difficult climate for Russian companies since international investors fled the…
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