HeadHunter may place shares worth $800 million in the US

HeadHunter may place additional shares in the form of receipts (ADS) on NASDAQ, the volume of placement may reach $100 million, follows from documents published on the websites of the company and the US Securities and Exchange Commission (SEC).

Up to $720.9 million can be received by shareholders of Highworld Investments Limited (Elbrus Capital structure, 18.75 million shares, or 37.5%) and ELQ Investors VIII Limited (Goldman Sachs Group structure, 12.5 million, or 25 %) by selling its ordinary shares at a price of $23.07 per share.

The document states that according to the laws of Cyprus, where HeadHunter is registered, the issue of an SPO must be approved by 75% of the owners of voting shares. The largest shareholders of HeadHunter: Highworld Investments with 18.75 million shares (37.5%), ELQ Investors VIII with 12.5 million shares (25%) and Kayne Anderson Rudnick Investment Management LLC with 7.15 million shares (14.3% ).

As a representative of RBC explained , HeadHunter can conduct an additional issue if it decides to raise additional financing, but this is an opportunity, not an obligation for the company: “This gives you the opportunity to be flexible in preparing any secondary offering if such an opportunity arises within the next three years.”

HeadHunter completed its US IPO in early May 2019. The main shareholders offered investors 16.3 million ADS at $13.5 each and raised $220.1 million. The entire company was valued at $675 million.

HeadHunter's listing on the NASDAQ was the first IPO by a company with Russian roots in the US since the Ukrainian crisis began six years ago. Later, in 2020, according to Deloitte forecasts , three or four more Russian companies could conduct an IPO, but the onset of the crisis (falling oil prices, the coronavirus pandemic) prevented these plans from being realized.

As a result of trading on Tuesday, June 30, HeadHunter quotes on NASDAQ are $23.38 per ADS, and capitalization is $1.169 billion.