Shareholders include UK-listed internet services provider Mail.ru Group and Japan-based financial services group Mitsui own A shares which will have "substantial control" over the company even though Qiwi's regulatory filing said they could be competitors.
Qiwi, a Russia-based operator of cash payment terminals and electronic wallets, plans to raise up to $248m in its US flotation.
It will list 12 million B shares at between $16 and $18 each on the Nasdaq stock exchange, with a further 1.8 million shares available if demand is high.
Shareholders include UK-listed internet services provider Mail.ru Group (21.4%) and Japan-based financial services group Mitsui (14.9%) own A shares which will have “substantial control” over the company even though Qiwi’s…
