Mail.ru valued at $5.7bn

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The Independent Online

Shares in in Russia's Mail.ru jumped more than 30 per cent on the grey market after strong demand allowed the internet firm to price its London listing at $27.7 a share, the top of its range.

Mail.ru, which runs two Russian social networking sites and has a 2.38 per cent stake in Facebook, said the initial public offering valued it at $5.71bn, making it Europe's largest listed internet business. Unconditional trading starts on 11 November.

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