|Bid||63.80 x 800|
|Ask||63.55 x 1400|
|Day's Range||60.63 - 63.66|
|52 Week Range||27.20 - 63.66|
|Beta (5Y Monthly)||1.47|
|PE Ratio (TTM)||10.75|
|Earnings Date||Jan 14, 2021 - Jan 18, 2021|
|Forward Dividend & Yield||1.40 (2.32%)|
|Ex-Dividend Date||Oct 29, 2020|
|1y Target Est||61.98|
(Bloomberg) -- Russian online retailer Ozon Holdings Plc will raise $990 million in its initial public offering in the U.S., taking advantage of demand for technology stocks amid the busiest fourth quarter for new listings since 1999.Ozon priced 33 million shares at $30 apiece, the company said in a statement Tuesday. This exceeded guidance of $22.50 to $27.50 per share, while the offering size is 10% higher than initially planned. Ozon surged on its first trading day in the U.S. after the IPO. The shares were up 42% to $42.50 at 1:22 p.m. in New York.Ozon plans to use the IPO proceeds for general corporate purposes. Goldman Sachs Group Inc. and Morgan Stanley are managing the sale along with Citigroup Inc., UBS Group AG and three Russian banks. The underwriters have an option to buy as many as 4.95 million shares within 30 days.The listing will contribute to a spate of technology IPOs this year that have raised more than $59 billion globally, according to data compiled by Bloomberg. Ozon’s share sale adds to what’s already been the busiest fourth quarter in the U.S. since 1999, the data show.Ozon is the largest Russian listing since EN+ Group Plc in 2017 and the first Russian business to sell shares in the U.S. since Kismet Acquisition One Corp.’s black-check IPO in August.It comes as investors flock to technology companies in emerging markets, with Polish ecommerce platform Allegro.eu SA raising 9.2 billion zloty ($2.4 billion) in September in Warsaw’s largest-ever listing. The shares have risen 78% since then.Pandemic ShoppingSeparately, existing shareholders Sistema PJSFC and funds managed by Baring Vostok Capital Partners agreed to purchase $135 million of Ozon shares at the IPO price. Their stakes were each about 45% before the IPO, according to the prospectus. The companies said they will own as little as 33% each after the deal and the possible conversion of convertible loans.Ozon, like other ecommerce companies, has seen sales jump during the pandemic as consumers switched to shopping online. The company posted a 70% gain in revenue in the first nine months of the year compared to the same period in 2019.Read More: Polish Online Retailer Allegro Surges 63% in Market DebutOzon started selling books online in 1998 and later expanded to electronics, toys and other items. It competes with Wildberries and AliExpress Russia, a joint venture run by Alibaba Group Holding Ltd. and Mail.ru Group Ltd. Russian internet operator Yandex NV is also expanding into ecommerce.The IPO price valued Ozon at $6.2 billion, including loans and options convertible into shares, Forbes Russia magazine reported, citing unidentified people familiar with the matter.(Updates with share move at the start of trading in the second paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The prospect of higher taxes for the rich under the Biden administration adds to the appeal of tax-loss-harvesting, an Aperio specialty.
(Bloomberg Opinion) -- What if your investing process was to start with the premise of finding attractive companies with the greatest growth potential — regardless of style, size, or location — and then buying those stocks? Figuring out the best home for them would seem almost secondary. Surprisingly, this is the opposite philosophy of how mutual funds typically operate. Most have preordained and well-defined parameters that limit what they can buy. Dennis Lynch, head of the Counterpoint Global group at Morgan Stanley Investment Management, has embraced the less common process.https://megaphone.link/BLM2839849811Counterpoint Global is a “firm within a firm” at Morgan Stanley, managing about $130 billion. Several of the funds Lynch and his team manage — Inception, Discovery, Growth, Insight, Advantage & Permanence — have doubled in value this year and their long-term track record has been similarly outstanding. Lynch describes the group’s process as somewhat unusual: Their 19 products are concentrated in just 200 companies. And they even use personality tests to shed insight into their stock-picking and decision-making.Lynch says the relative momentum of technology stocks during the big market drop in February and March was strong, and quickly translated into absolute strength as the market began to rally. He does not expect the torrid pace of growth to continue indefinitely, though he remains a long-term bull on technology and growth names. And while it’s assumed that the economy will be substantially larger in 2022 than it has been during the pandemic and lockdowns, those expectations are reflected in current asset prices.A list of his favorite books is here; a transcript of our conversation is available here.You can stream and download our full conversation, including the podcast extras, on iTunes, Spotify, Stitcher, Google, Bloomberg, and Acast. All of our earlier podcasts on your favorite pod hosts can be found here.Be sure to check out our Masters in Business next week with Greg Fleming, founding CEO of Rockefeller Capital Management (based on the prior Rockefeller Family Office), which has about $43 billion in assets under management. Previously, Fleming was president of Morgan Stanley Wealth Management and served as chief operating officer of Merrill Lynch & Co., where he ran Merrill’s global investment banking business.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Barry Ritholtz is a Bloomberg Opinion columnist. He is chairman and chief investment officer of Ritholtz Wealth Management, and was previously chief market strategist at Maxim Group. He is the author of “Bailout Nation.”For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.