Russian electric scooter company Whoosh raised 2.1 billion rubles ($33.23 million) in an initial public offering (IPO) on the Moscow Exchange, pricing at the lower end of its initial price range, the firm stated on Wednesday.

Corporate Russia is watching Whoosh's listing closely as the company braves Russian economic isolation with Moscow's first IPO since the country sent troops into Ukraine.

The placement at 185 rubles per share gives Whoosh a market capitalization of 20.6 billion rubles ($326 million), the firm said in a statement, below its initial target of around $400 million.

Whoosh said existing shareholders had provided shares worth 200 million rubles for possible stabilization in the secondary market, taking the IPO's total volume to 2.3 billion rubles.

While breathing life into a moribund market, Whoosh's debut also reflects the small volumes and dependency on retail investors who are likely to characterize stock market listings in a Russian market devoid of Western capital.

"In addition to institutional investors, more than 20,000 private investors became our shareholders following the IPO, which underlines the level of trust in our company and its ambitious goals," CEO Dmitry Chuyko said.