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Edition: U.S. Article Comments (0) Email Print Reprints Read U.S.-South Korea aircraft carrier drill called off: report 24 Oct 2010 BP CEO slams media, rivals for boosting spill fears 9:49am EDT Wall St rises on dollar weakness, Fed stimulus talk | 11:28am EDT Bank of America finds foreclosure mistakes: report 8:53am EDT US STOCKS-Futures rise as dollar falls after G20 7:22am EDT Discussed 65 Jobs blasts rivals as iPad sales disappoint 54 Special Report: The haves, the have-nots and the dreamless dead 47 Special report: Conservative donors let Christine O’Donnell sink Watched Katy Perry weds; Damon a dad Sun, Oct 24 2010 Mexico's 20-yr old police chief Thu, Oct 21 2010 Russian spy poses for Maxim Tue, Oct 19 2010 Facebook investor Mail.ru eyes up to $876 million in IPO Tweet This Share on LinkedIn Share on Facebook Related News Russia says China to issue $6 bln loan for coal fields 3:43am EDT Russia's Mail.ru sets IPO price range at $23.7-$27.7 2:46am EDT Russia's Mostotrest sets IPO price range at $6.25-$8.0 Wed, Oct 20 2010 Russia's O'key IPO price range at $9.9-$12.9 per GDR-source Tue, Oct 19 2010 Russia's Monocrystal cancels IPO - mkt sources Thu, Oct 14 2010 Analysis & Opinion Will Social Security be there for today’s young workers? Social gaming — what the real players say Related Topics Technology » Deals » Media » Russia » Earnings » Stocks By Olga Popova and Anastasia Teterevleva MOSCOW | Mon Oct 25, 2010 11:47am EDT MOSCOW (Reuters) - Facebook investor Mail.ru is looking to raise up to $876 million by offering a 16 percent stake in a planned London initial public offering (IPO) which could pave the way for other Russian Internet firms to float. However, most of the money will go to the current shareholders rather than the company, whose revenues reached $108.7 million in the first half of this year. Mail.ru, which holds a 2.38 percent stake in Facebook, said on Monday it would sell 3.03 million new shares in the form of global depository receipts (GDRs) and 28.59 million shares held by current shareholders in the IPO at $23.7-27.7 each. The pricing would put Mail.ru's pre-placement value at $4.78-5.63 billion, with the listing -- equal to around 16 percent of its shares -- set to bring in $749-876 million. "Such a valuation must assume significant growth of all the assets and the additional value from the synergies between them," said Andrey Bogdanov, analyst at Gazprombank. The company said based on the mid-point of the price range, it expected to get a net $66.8 million from the IPO and use the cash toward buying a 7.5 percent in social networking site 'V Kontakte', bringing Mail.ru's stake in the Russian equivalent of Facebook to 32.49 percent. "The Company will not receive any proceeds from the sale of GDRs by the selling shareholders," the IPO prospectus said. Mail.ru holdings also include 5.13 percent of e-commerce coupon site Groupon and 1.47 percent in social game company Zynga, as well as Russian mail sites and instant messenger ICQ. The valuation puts Mail.ru's enterprise value to EBITDA ratio at 46.7-54.5, according to Uralsib analysts. "This is much higher than for most comparable international companies apart from Chinese ones," they said in a note, but added that portfolio investors would still be interested due to the limited possibilities for investing in the sector in Russia. Only one, Russian Internet firm RBC, is currently listed after Rambler Media delisted from AIM last year. The company, previously known as DST, is expected to price the offering on November 8 and has appointed Goldman Sachs and J.P. Morgan as joint global co-ordinators and, together with Morgan Stanley and VTB Capital, joint bookrunners. Billionaire Alisher Usmanov owns around 34 percent of Mail.ru and South Africa's Naspers has 28.7 percent. (Writing by Toni Vorobyova; Editing by David Cowell) Technology Deals Media Russia Earnings Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Mobile Newsletters RSS Podcasts Widgets Your View Analyst Research Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Reuters on Facebook Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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