Russian search engine Rambler raises $40 million
16 June 2005
Internet search engine Rambler Media has announced that it has raised $40 million (£22 million) after floating on the London Stock Exchange.
The company was launched in 1996 and is run by Russian TV executive Irina Gofman. Rambler also operates a free-to-view TV network, an advertising agency and provides media content for mobile phones.
The Rambler.ru search engine is the profitable part of the business, which overall made a loss last year.
Institutions snapped up almost four million shares at $10.25 each and share prices soared to $11.55 on the first day of unconditional trading on the Alternative Investment Market, valuing the company at about $173 million.
British-registered Rambler plans to use the cash raised by the IPO to make a series of acquisitions and fund expansion plans in Russia. Just 11 per cent of Russians are currently estimated to have access to the internet, compared with around 30 per cent in eastern Europe.
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