Cian, which provides a platform for online real estate listings and other services in Russia, announced terms for its US IPO on Thursday.
The Moscow, Russia-based company plans to raise $269 million by offering 18.2 million ADSs (78% secondary) at a price range of $13.50 to $16.00. At the midpoint of the proposed range, Cian would command a market value of $1.0 billion.
Cian states that it is a leading online real estate classifieds platform in the Russian real estate classifieds market, ranking among the top ten most popular online real estate classifieds globally. In the 1H21, the company had approximately 2.1 million listings available through its platform and average unique monthly visitors of approximately 20.3 million, up from 16.5 million in 2020.
Cian was founded in 2001 and booked $69 million in sales for the 12 months ended June 30, 2021. It plans to dual list on the NYSE and the Moscow Exchange under the symbol CIAN. Morgan Stanley, Goldman Sachs, J.P. Morgan, BofA Securities, Renaissance Securities, and VTB Capital are the joint bookrunners on the deal. It is expected to price during the week of November 1, 2021.
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