Cian sold shares in New York in November 2021, and less than four months later the NYSE stopped trading them. The company ran Russia's leading real estate classifieds site, where Muscovites hunted for apartments to buy or rent. It listed on both the New York Stock Exchange and the Moscow Exchange. Then Russia invaded Ukraine in February 2022, and Western markets froze trading in Russian stocks.

Listings Before the Boom

Cian was founded in Moscow in 2001 as an online real estate classifieds site. Russian agents and developers then spent most of their ad money on print and other offline formats. The bet was that home listings would move online, and that the site with the most of them would win. Cian charged agents, developers and private sellers to post and promote listings. It later added N1.ru to expand beyond Moscow and St. Petersburg.

Sixteen Dollars, Then a Halt

Cian priced its IPO at $16 per American depositary share in November 2021 and sold 18,213,400 ADSs. They began trading as CIAN on the NYSE and the Moscow Exchange. After the invasion of Ukraine, the NYSE halted trading in Russian companies. In March 2023 it moved to delist Cian. A NYSE committee upheld that decision on July 21, 2023, and Cian's American shares left the exchange.

Cover: View of a Part of Moscow and its Surrounding Areas, from Views of Moscow, Louis-Julien Jacottet. Art Institute of Chicago, public domain. Chosen for a view of Moscow (Russian real estate).