Mail.ru valued at $5.7bn

Saturday 06 November 2010 01:00 GMT

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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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Mail.ru valued at $5.7bn

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