Russian online retailer Ozon has submitted a formal filing to go public with the U.S. Securities and Exchanges Commission (SEC) as it seeks to list American Depositary Shares on the Nasdaq Global Select Market. The company lists a placeholder amount of $100 million for its IPO, an amount that’s, however, subject to change. 

Ozon is a major e-commerce company in Russia and was one of the first to be founded in the country. Originally established as an online bookseller, it has since expanded into everything from clothing to electronics and the likes. Ozon is majority-owned and controlled by Sistema, a publicly-traded Russian conglomerate. 

For the first nine months of this year, Ozon recorded the equivalent of $835 million in sales. The Russian company’s revenue for the period was up 70% year-over-year.

Ozon intends to use the money raised from its public offering for growth purposes. The company’s IPO is being managed by major American investment banks including Morgan Stanley, Goldman Sachs, Citigroup, and UBS Securities.

Ozon is led by CEO Alexander Shulgin, who has held the position since 2017. Shulgin was formerly the CFO and COO of Russian internet giant Yandex.

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