London CNN Business —An electric scooter service just became the only company to pull off an initial public offering in Russia this year.
Whoosh, which made its debut on Wednesday, said that it had raised 2.1 billion rubles ($32.6 million) through the listing, giving it a valuation of 20.6 billion rubles ($320 million).
“In four years, we have gone from a startup to the leader of the Russian [scooter sharing] market, making electric scooter travel a familiar mode of transport,” Whoosh CEO Dmitry Chuiko said in a statement.
It raised less than half of what it had been aiming for earlier in the month.
As of the end of September, Whoosh had about 82,000 scooters in 40 cities across Russia and former Soviet states and 11.2 million registered users.