Russian market-leading real estate vertical Cian has filed with the SEC for an initial public offering on the NYSE with plans to raise up to $100 million.
The Cyprus based firm is planning to offer American Depository Shares representing ordinary shares to investors and float on both the New York Stock exchange and the Moscow Exchange under the ticker "CIAN".
OnlineMarketplaces can also exclusively reveal that our own Chairman, Simon Baker will be joining the board of the real estate portal company. Baker is a former MD & CEO of REA Group and has extensive experience at the board level with several other classifieds companies including Mitula and iPropery Group.
Cian had been rumoured to be weighing up a potential IPO prior to today's news with investors including Elbrus Capital and Goldman Sachs reportedly keen on the move. Having been denied a merger with Adevinta owned horizontal market leader Avito by Russian competition authorities last week, Cian has followed through with what was rumoured to be its original intention.
The portal enjoys a strong market-leading position among specialist property verticals in Russia and late last year bought up rival operator N1.ru which is strong in regional cities such as Omsk and Novosibirsk.
Cian has monthly traffic of over 40 million visits (according to Similarweb). The company's revenue for the 12 months ended June 30th 2021 was reported at $69 million with around 2.1 million listings.
Cian joins Southeast Asian portal firm PropertyGuru in looking to list on the NYSE. Whereas PropertyGuru is slated to go public via a merger with billionaire-backed SPAC Bridgetown 2 Holdings Limited, it is understood that Cian will be going down the traditional IPO route.