Cloud.ru doubles bond issue to $235M on strong demand
What's the deal? Russian cloud and AI provider Cloud.ruDealroom has a profile for this one. Try Dealroom → doubled its second exchange-traded bond issue to US$300.5M (around $235 million) after demand ran more than three times above the initial 10 billion-rouble target. The deal ranks among the larger post-IPO debt raises in the sector.
The details: The series 001P-02 bonds carry a 2.5-year term, with coupons paid every 30 days. Strong orders let the company cut the coupon by 40 basis points to the central bank key rate plus 1.6 percentage points; total demand at the final rate reached about US$450.8M.
Why now? The company collected bids on October 8, with technical placement and the start of trading set for October 13. Cloud.ru had announced the issue on September 29, planning to raise at least US$150.3M.
What's the endgame? Chief executive officer Mikhail Lobotsky said both institutional and retail investors drove demand. The funds will support investment in its cloud and AI infrastructure, a wider product line, and new business lines.
Catch up quick: In July, Cloud.ru raised US$150.3M in a debut bond issue at a fixed 14.2% annual rate, with demand double the offering. In August it reported its first coupon payment on those notes, worth US$1.75M.
By the numbers: For the first half of 2026, net profit fell 20.5% year on year to US$90.6M. EBITDA came in at US$413.3M, an EBITDA margin of 73%.
The signal: Cloud.ru is leaning on public debt markets, rather than equity, to fund its push into cloud and AI — and investor appetite suggests the strategy has room to run despite a dip in profit.
Read more: vedomosti.ru
Image credit: Christoph Scholz
