Russian kicksharing service Whoosh intends to go public on the Moscow Exchange this or next year, unnamed sources told Forbes Russia and Reuters last week. Under plans, the e-scooter company could raise 10 billion roubles ($167 million at the current exchange rate) at a valuation of around 40 billion roubles ($666 million), Reuters learned.
A Whoosh spokesperson told Reuters: “Like any successful company, Whoosh is considering various strategic options for development, including opportunities on capital markets, however it is premature to speak about any concrete plans.”
Whoosh could be among the first companies to make an IPO in Russia since the war in Ukraine began. “At least 10 companies from commodities to the financial and retail sectors were looking to go public in 2022, but Russia sending tens of thousands of troops into Ukraine in February has largely thwarted those plans,” writes Reuters.
Whoosh made its debut on the Moscow stock exchange in late June by raising 13.5 billion rubles in bonds (around $25 million at that time).
Launched in 2019, the company is a market leader in Russia with 8 million claimed users across some 40 Russian cities. Among Whoosh’s backers are Ultimate Capital Fund, a Cyprus-based fund with Russian founders, and VTB Group, a Russian state-owned financial institution.
Until recently, Whoosh had international ambitions. As a first step in early 2022, it launched its service in Lisboa, where the company moved its headquarters. The Whoosh service was also made available in Hungary and Poland.
A few months later, however, Whoosh sold its businesses in the EU due to the “complexity” of operating there in the current circumstances, reported Forbes Russia.
