An electric scooter service just became the only company to pull off an initial public offering in Russia this year
Whoosh, which made its debut on Wednesday, said that it had raised 2.1 billion rubles through the listing, giving it a valuation of 20.6 billion rubles . “In four years, we have gone from a startup to the leader of the Russian [scooter sharing] market, making electric scooter travel a familiar mode of transport,” Whoosh CEO Dmitry Chuiko said in a statement. But shares were priced on the low end of the company’s expected range.
Hundreds of Western companies — from oil giants and tech brands to carmakers, banks and fast food chains — have quit Russia this year. McDonald’s is now called “Vkusno i tochka”, or “Tasty, and that’s it,” and Starbucks cafes have reopened under the barely disguised brand Stars Coffee. The country’s main stock index is down 43% year-to-date, while US stocks are just 15% lower. Last year, there were six IPOs in Russia, according to data from Dealogic.
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