Russian online cinema ivi has postponed its initial public offering in the United States due to a bill limiting the share of foreigners in audiovisual services. About it writes Forbes citing two sources familiar with the situation.
Sources said the company was planning an IPO by the end of January 2021. One of them emphasized that the organizing banks should have started holding meetings as early as December 2020, telling potential investors about the ivi opportunities and prospects. In the second half of January, the online cinema already wanted to place the securities on the exchange. According to experts, when ivi entered the IPO, the company could be valued at between $ 800 million and $ 1 billion.
The plans were destroyed by the amendments of the deputy from the “United Russia” Anton Gorelkin, who proposed amendments to limit the share of foreigners in Russian audiovisual services. If the share of their holdings exceeds 20%, then the company will have to explain the situation to the government commission. Gorelkin believes that this will help fight offshore and the withdrawal of money abroad.
IVi representatives declined to comment on the situation. A source close to the company said that the bill negatively affects the company’s ability to enter the public market. Gorelkin said that he was aware of ivi’s entry to the US stock exchange and stressed that the cinema did not contact him to resolve the issue.
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