Why QIWI (QIWI) Is Down Today

NEW YORK ( TheStreet) --  QIWI ( QIWI) fell -7.5% to $44.00 Tuesday after filing for a secondary offering of Class B shares.

The company filed for a proposed underwritten public offering of 7,973,300 Class B shares represented by ADSs. QIWI will sell 1,993,330 Class B shares in the offering, and certain shareholders will sell the remaining 5,980,000 Class B shares.

QIWI will use the proceeds from the offering for general corporate purposes.

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QIWI Chart

QIWI data by YCharts

"QIWI plc. is a provider of payment services in Russia and Commonwealth of Independent States (CIS). The Company has an integrated network that enables payment services across physical, online and mobile channels. In December 2013, the Company announced that it has completed the acquisition of Blestgroup Enterprises Limited."

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Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

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