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Online Retailer Ozon Has Best Russia IPO Debut Since 2011

  • Ozon rises in Moscow after adding 34% in U.S. trading
  • Russian e-commerce operator overtook Mail.ru by market value
Packaged orders move along a conveyor belt at an Ozon fulfillment center in Horugvino village, outside Moscow.

Packaged orders move along a conveyor belt at an Ozon fulfillment center in Horugvino village, outside Moscow.

Photographer: Andrey Rudakov/Bloomberg

E-commerce operator Ozon Holding PLC made the best market debut for a Russian company since 2011, as investors rush to snap up stock in online firms benefiting from the coronavirus pandemic.

Ozon gained 34% in New York to $40.18 per share on Tuesday, making it the best first-day performance since online giant Yandex’s initial public offering in 2011. In Moscow, the retailer’s shares also leaped on Wednesday after some investors failed to get as much as they wanted in the $990 million U.S. IPO.