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It looks like Qiwi's (QIWI) IPO was priced just right (though some buyers may disagree). After...

It looks like Qiwi's (QIWI) IPO was priced just right (though some buyers may disagree). After pricing its 12.5M-share offering at $17, the Russian online payments leader opened at $17.13 and is currently at $17.17, up 1%. That gives Qiwi a valuation of $879M, or 33x its 2012 net income. Qiwi competes with Yandex.money - Yandex (YNDX) recently sold a 75% stake in the business to Sberbank for $60M. PayPal (EBAY) isn't a major rival right now, but that might change, given it recently won approval to function as a non-credit banking institution in Russia. (F-1) (financial data)
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