The Skillbox project intends to hold an IPO

The Skillbox project intends to hold an IPO. The VK Group has returned to plans to list its educational service on the stock exchange, writes RBC. In this case, the platform will become the first traded EdTech company in Russia. Similar plans were previously written about Skyeng. Vedomosti reported that the placement could take place in the first half of 2024.

The two companies will have to compete for investors, says Natalya Tsarevskaya-Dyakina, director of the Edtech Hub of the Skolkovo Foundation: “The market is now showing very organic growth, a little faster than the economy; in some segments it has recovered to 15-20% per year. At the moment, the largest 100 Russian EdTech companies have revenues of more than 100 billion rubles. per year., at Skillbox – more than 12 billion rubles.

Both Skillbox and Skyeng are market leaders each in their own segment and combine several educational areas. Therefore, for both companies, going public is an absolutely organic and right step for further development. This is already a large, mature market, and I would not be surprised if in a few years we see a series of IPOs by Russian EdTech companies.”

The valuation of Skillbox during the IPO could reach 55 billion rubles, according to analysts from the Finam group, adding that the money received could be used to absorb competitors in the online education market. Currently, the VK structure includes several EdTech projects, including Geekbrains, Skillfactory, Mentorama, Lerna and Uchi.ru. Revenue from this segment for the nine months of 2023 increased by almost 40% and amounted to 11 billion rubles, according to VK data.

Four years ago, the group allowed an IPO of its educational projects, but in 2022, as Forbes wrote, the new shareholder refused this. At the same time, the company was then laying off employees due to the “deep loss” of the united holding, the publication’s sources claimed. But now the situation has changed, and the market is ready to invest in such projects, believes BCS World of Investments analyst Denis Buivolov: “In addition to interest in online education, there are several factors.

First of all, how willing are people to invest in an IPO. For example, last year this market was not very active, but now, after a recession, online education is again experiencing a renaissance, and the IPO market is generally doing well. The latest placements were quite successful, especially for the most prominent IT names.

But if both companies go public, which one will be first? In terms of getting a higher valuation from investors, this is a decisive factor. And the main driver that we now see is the use of artificial intelligence and technology in education. Returning to the question of who will be more attractive, I would like to understand which of these companies is already betting big on AI, this will probably be the defining moment.”

In total, 9-11 initial offerings may take place during 2024. This figure was stated by the government and the Bank of Russia. In total, according to plans, up to 500 thousand investors – individuals – will take part in the IPO. The financial authorities estimate the volume of funds raised this year at 37 billion rubles.

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Svetlana Belova