HeadHunter Group PLC [NASDAQ: HHR], the Russian job search platform recently went through a very successful IPO that saw it make a debut on Nasdaq. The IPO on May 9 put 16.3mn ADRs or in other words 32% of the entire HeadHunter capital on sale at a cost of $13.5 per ADR, in what is termed as the upper range of the price guidelines. The first two days following the launch HHR shares went ballistic rising more than 24% where the company’s market cap went up to $837 million from $675 million.
On closing the market on May 10, [NASDAQ: HHR] was trading at $16.69 after correcting up 5.96%. The stock had a positive intraday relative change of +0.94. HHR had closed the trading on May 9 at $15.75. Besides, it was closed the market on Friday above its 52-week high at $16.55 while its 52-week low is valued at $14.62. The share volume traded on the day hit highs of 1,159,841.
HeadHunter has made history as the first Russian initial public offering to make a debut on Nasdaq since 2013; a year that had two digital guru firms launch on the exchange including TCS banking group and Qiwi. Russia did not have an IPO on Nasdaq in 2018, however, from the beginning of 2019 Russian-based firms have signed partnerships and deals that have brought the table as much as $390 million.
The leading Russian recruitment portal IPO attracted a colossal interest due to the traction it continues to gain in the country as well as the rest of the Commonwealth of Independent States. HeadHunter allows employers to have access to the best resumes in an extensive database. The platform is also a job listing site where job seekers find job opportunities. In addition to that, employers and job seekers alike find massive information regarding recruitment on the HeadHunter portal.
The CEO of Head Hunter expressed his excitement following the successful debut:
“We are proud and excited to be among Nasdaq-listed companies and we take the successful IPO as an appreciation of our unique track record by an international community. We are truly glad to obtain such a broad and highly intelligent investor base with their own expectations and aspirations with respect to our future business development. We look forward to living up to these expectations and hope to make them all happy along with our clients and employees.”
HeadHunter also caught the attention of the President of Nasdaq Stock Exchange Nelson Griggs who said:
“As the first Russian IPO on a US exchange since 2013, HeadHunter has successfully established a strong, trusted brand, which has enabled it to achieve significant growth in recent years.” He added, “We are thrilled to welcome them to the Nasdaq family of the world’s most innovative companies.”
(NASDAQ: HRR) Technical Overview
As far as the technicals are concerned, HHR is still taking advantage of the bullish frenzy post IPO. On the third day of trading, the stock is valued at $16.80 following breakout stemming from $16.00 short-term support on Friday last week. The engulfing candle is still bullish while the focus is on $17.00. Technically, the stock is likely to continue trending upwards. The RSI is almost entering the overbought while the MACD is not only in the positive zone but also moving upwards.