Report: Russia’s Avito ready for IPO – general director

MOSCOW, Oct 1 (PRIME) -- Russia’s classifieds Web site Avito is ready to hold an initial public offering (IPO), Bloomberg reported Thursday, citing General Director Jonas Nordlander.

Avito is getting ready for the IPO to have more options when listing makes sense for shareholders and the business, Nordlander said. Avito is not in haste to sell shares or hire consultants for the IPO.

The company has already adjusted the internal control and procedures to meet the requirements for a listing on large markets, including the U.S.

Avito’s revenue jumped 47% to 1.57 billion rubles in April–June. The company-investor Vostok New Ventures valued Avito at about U.S. $2 billion.

(65.7364 rubles – U.S. $1)

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