Online cinema ivi, which planned to conduct an initial public offering in the United States, postponed it indefinitely due to a bill by United Russia deputy Anton Gorelkin, Forbes reports, citing two sources. In December 2020, Mr Gorelkin proposed to limit the foreign ownership of audiovisual services operating in Russia to 20%. A draft of the relevant amendments was submitted to the State Duma.
The publication reports that ivi was supposed to hold an IPO by the end of January 2021. One of the Forbes sources noted that in December the banks organizing the placement were supposed to start meetings with potential investors. Now individual investors who bought shares in ivi in anticipation of the placement and before the bill is submitted to the State Duma, are waiting for the development of events, the source says.
In December, the Internet Video Association, which, in addition to ivi, includes Okko, Megogo, Amediateka, Start and other services, sent Anton Gorelkin, Chairman of the State Duma Viacheslav Volodin and the head of the Committee on Information Policy Alexander Khinshtein a review of the bill. The companies warned the speaker and deputies that the initiative would roll the market back several years. By the time Forbes was published, Mr. Gorelkin told the publication that ivi had not contacted him, and that he learned about the company’s plans to go public from the media.
About the reaction of business to the bill – in the material of Kommersant “Foreigners were asked to stay.”