Russian Facebook investor soars on London stock debut
Shares in the largest Internet company in the Russian-speaking world were offered at $27.7 each (19.6 euros) but leapt up over 30 per cent to $37 shortly after the market opened.
The shares are only being conditionally traded at the moment and will be officially available for open trading on November 11.
The company, which was 34 per cent owned by Arsenal Football Club major shareholder Alisher Usmanov prior to the Initial Public Offering (IPO), raised $912 million after selling all 32.9 million shares.
Almost 91 per cent of the equity traded were existing shares owned by the company's founders, management and early investors.
The Russian company owns 2.38 per cent of Facebook and was valued at $5.71 billion on flotation. All of its floated shares were,p4,rgen.eco.pade covered on the first day of a two-week roadshow and ended being 20 times oversubscribed.
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