"Yutinet" pereplyunet Ozon

How many Internet startups, "Yutinet" was founded on pure enthusiasm of the students. In 2004, student Michael MESI Ukolov invented a new technology to sell online advertising. For the project required "only" 2 million rubles. Investors in money was refused, and enterprising students (joined the project, Oleg Rybalov, now CFO) decided to make themselves. Choosing to stop e-commerce, which at that time already actively growing. True, the competition was quite serious. While in RuNet there were about 500 large and small online retailers who also sold electronics. Emergence of a new player in the market no one noticed. At startup invested $ 4 thousand of them at $ 2.5 thousand bought a cash register, registered the company and rented an apartment, which combines features for both business and home office. The remaining money put into circulation. "Our main advantage then was that we pretty much did their own hands. Anything not spent. Programmed themselves, themselves considered themselves doing advertising, optimize your site, even the first orders were transported on their own, "- says Michael injections. In the first year store sales were $ 500 thousand annually doubling turnover Next-triples in 2008, the crisis has reached $ 23 million, then "Yutinet" barely survived because of errors in financial management: just before the collapse of the economy the company used to trade credit development of new product lines under the brand "Yuti": "Yuti-house" (appliances), "Yuti-Digital" (digital technology), "Yuti projector." "In the office, due to delayed payments, accumulated free money, and we decided to use them. Only this time have chosen is not the best "- says Oleg Rybalov. The company's debts to suppliers amounted to $ 1 million - the amount at the time overwhelming. I had to go to a strong reduction in costs, respectively, to partial folding of business. The staff, consisting of 70 people, "lost" more than a factor of 2. Hope loomed when the engine that runs an online store of the company, became interested in a network of mobile shops "Messenger", while being debugged their own online sales. Deal with a company of Maxim Nogotkova 9 million rubles (this amount was estimated software) plus loans at Alfa Bank, a $ 200 thousand have helped to close about half of the debt. Another part of the aid came from afar: the command "Yutineta" has successfully implemented its technologies to the real estate market, bringing in more cash of $ 250 thousand, "We have optimized a business development company in Moscow and established for her on-line sales", - says Mikhail injections. Thanks to third-party financing "Yutinet" could survive the worst of times, and in the fall 2009 business became profitable again. A little later, the company became interested in the investor profile - Facility IQ One, dealing with seed investments in software projects. "We were attracted in the first place, the project team - says asset manager investment group IQ One Dmitri Zaitsev. - We always look at the history of the company and to the extent it is hard to pick out the money from the market. " Business "Yutineta" has been completely restructured under the investor according to Dmitry Zaitsev, only invest in the fund trading company was not interested. The result is a legal entity that owns the platform (technology), and the operating company. Over 51% of the last IQ One paid $ 2 million for 51% of the platform - an additional $ 3.5 million "We realized that in fact the platform is more expensive, but have sacrificed ambition for speed. We needed liquidity and rapid growth ", - says Mikhail injections. Faster, "Ozone." Plans "Yutineta" for an IPO to the market came as a surprise. The company may even beat larger Ozon (projected turnover for 2011 - $ 120-130 million), which is going to exchange the last five years. According to experts, for a small company like "Yutinet" it would be logical to attract a strategic investor. So why is it shareholders still bet on the public offering? According to Mikhail Ukolova, IPO reasonable but do companies show stable dynamics of growth, with the largest market in the future, and good financial performance. "All three terms are present objectively - he argues. - Since 2006, the company's turnover has doubled every year, except for the crisis of 2009, when instead of the expected $ 35 million turnover amounted to $ 18 million. " About the growth of the market for Internet commerce also fear not: Ivan Kurguzov, Executive Director of "Oborot.Ru," predicts that within five years of selling over the Internet will amount to 25% of the total market trading electronically. In 2010, B2C e-commerce segment in Russia amounted to 240 billion rubles. The share of e-commerce amounted to 1.6%. The average multiplier Western online retailers have already gone through the IPO process, such as Amazon, Submarino, Zappos, Gilt, eBay, Zilo or MercadoLibre, 2-3 sales. Turnover "Yutineta" for 2010 totaled $ 35 million, it is possible to talk about the cost the company $ 70-105 million, however, the organizer of IPO investholding "Finam" focuses on another figure, by applying a multiplier to the revenue forecast for 2011. Its size has not yet disclosed, but representatives of "Finam" argue that the expected final estimate of $ 100-120 million implies a "good discount" of 30-50% of the fair value. "Certainly, IPO will affect the growth of capitalization of the company - the president of" Finam "Vladislav Kochetkov. - But there are a number of risks. " First, increasing competition in the market of electronic commerce. According to Vladislav Kochetkov, many players are successful in attracting venture capital funds and private equity. Second, after the disaster in Japan, investors began to avoid risky assets, "Yutinet" just in time for this belongs. "Plus we have to prove to investors why they are better to buy stocks" Yutineta "MICEX than Amazon on NASDAQ», - commented evaluation Vladislav Kochetkov. Hence, a substantial discount. Cash in. There are other problems, a purely "technical" nature. First, the practice of public offerings of venture and innovative companies in Russia is still too small. In 2008 and 2009 there was not one. While in 2010, after a segment on the MICEX "Market innovation and investment" (MII), the precedents have: saw the placement of the Institute of Human Stem Cells, "Farmsintez", "Russian Navigation Technologies' plant and equipment and environmental ekopitaniya" Diode ". Second, the company can not be called a large stock of standards. A non-core investors often are not interested in small figures in revenue. "To invest in a small innovative company, we must thoroughly understand the structure of its income and where the growth potential, - says the director of consumer strategy and online services, Microsoft Russia, known business angel Pavel Cherkashin. - Non-core investors will rarely understand this. And here lies the risk of indifference to the proposed stock investors. " Thus he Cherkashin says that would invest in such company, but insurance would make a distributed portfolio of risky investments. Consequential as a significant risk - low liquidity. A listed company intends to sell 15% shares of additional issue. IPO organizer hopes that 80% of an offer to buy funds and 20% goes to private investors. Owners' Yutineta "expect to attract at least $ 13-15 million Optimism adds an example of comparable turnover predecessors, most issuers of RII segment, despite the high volatility, trading at a price close to the issue price and even higher. All the money from the sale of shares, according to Michael Ukolova, will be put into development. $ 4.5 million will go to the promotion of the brand and advertising campaign. A significant portion will be spent on developing new technology. The company has come up with a logical extension for online trading - service of choice of products on the Internet that can "talk" with the user in human language. For example, "buy a phone, like Ksenia Sobchak," or "notebook as a gift to my mother." The system itself should handle the request filtering laptops "for women", by weight, ease of use, color and other characteristics. While this is only a draft, and money, which it will be implemented before the start of trading will remain virtual. Symbolically, the technology for the sale of online advertising, for which in fact was invented and made "Yutinet", also remained unsold, and now completely lost its relevance. Beyond money, the company expects more and non-material "bonuses" from the IPO. In the first place, increasing visibility and therefore attract the best talent. Plus a clear, adjustable control model and the ability to take loans against shares. "Shareholders will receive instant liquidity business, - said Dmitry Zaitsev. - A Team - a kind of success story, which almost guarantees a strong investment leverage for future projects. "