Runet's IPO: UTINET

The most significant summer event of Runet in the field of investment can be considered as an initial public offering (IPO) and access to the UTINET company. The story is truly confusing. Confused, first of all, in the question "And how much does UTINET cost".

It all started back in March . Intrigued investors have been waiting for ratings. On the one hand, an Internet company (essentially an online store) with a profitability of 1.8% should not have been rated highly, on the other hand, the premonition of the second dot-com boom promised good profit prospects. Yutinet wanted to get a lot from investors. The initial estimate 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 ratio of capitalization to profit (P / E) in the region of 400 for the Russian stock exchanges. It turned out that the return on investment for IPO participants would have to wait 400 years! However, before our eyes was the IPO of the American social network LinkedIn, which when placed P / E was not as an example higher, and in the first days of trading, the growth of quotations threw P / E on unattainable P / E 800.

But it is obvious that the first results of the preliminary subscription, the advertising of which went to FINAM, cooled the heat. A month later, the valuation of Platinum Platform UTINET.RU (as the re-registered company came to be called before going public) was revised downwards 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 of 145 to 195 rubles. per share .
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However, this estimate also seemed overstated to some market participants. For example, Troika-Dalog experts considered the fair price to be two times lower. And this despite the fact that UTINET showed in the quarterly reports the growth of revenues and profitability, promised an increase in the profit rate to 7% by 2015 and from an e-commerce business turned into a “platform”. What is a platform in terms of Utinet? The new interface of the "telepathic" product search promised an increase in conversion (the share of buyers among the total number of site visitors) and penetration into new segments. Menezhdman promised that the technology of "telepathic choice of goods" would expand the business to new product groups and engage in "selling leads" (attracting customers to third-party Internet commerce sites).

The subscription went on as usual and it turned out that there were much more people willing to include the shares of the Utinet.RU Platform in their portfolios than the operators had expected. The demand for shares at the upper end of the price range (195 rubles per share) exceeded the supply by almost the same 3.3 times and according to the results of the IPO Platform YUTINET.RU 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. The oversubscription assumes that the shares will grow (this happened in the first days of trading in mail.ru, LinkedIn and Yandex securities). Experienced private investors are waiting for a decline and expect a price in the region of 69 rubles per share .

We follow the quotes on the MICEX or stock exchange terminals.

PS About "telepathic" search

The idea of ​​selecting products for "abstract" characteristics is nothing new. Dotkomovsky boom killed already one such project. Exactly the same concept was used in PriceScan.com back in 1999 (amended 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 easier to indicate the “conditions of the rides”, the expected daily mileage and the characteristics of the prestige of the brand than to understand the characteristics of obuki and shock absorbing forks. At the end of 2000, PriceScan rolled up his choice and left only a search engine for online shopping. Now he is left with nothing more than a consulting unit. Let's hope that Yutinet their fate does not expect. Moreover, it is not just a “smart choice” but a retail outlet.