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Russian initial public offerings have a tendency to flop. But not so that of the Moscow Exchange, the epicenter of the country’s financial markets.
Russia’s main stock market began trading on its own platform on Friday after raising Rbs15bn ($499m) in an IPO that organizers say was oversubscribed. Positive news and perfect timing: Vladimir Putin is hosting a meeting of G20 finance ministers in Moscow today where he will be flagging the merits of the Russian capital as a budding global financial center. Continue reading »
By Ben Aris of business new europe
Kicking off the Russian IPO drive for 2013 is Russian rail freight company NefteTransService (NTS), with an announcement on Tuesday confirming its intention to list on the London Stock Exchange in the first half of this year.
The London-Moscow Megafon IPO is back on track, with a whopping price tag and a keenly-awaited clarification of the ownership structure.
The Russian company, which postponed its offering last month, relaunched the issue on Thursday with plans to achieve a market capitalisation of up to $14bn and raise up to $2.1bn.
And it seems the ownership structure problems, which were publicised when the IPO was delayed, have been resolved – at least to the satisfaction of the British regulators. Continue reading »
So MD Medical Group got away. But Promsvyazbank has not. The latest Russian London IPO has bit the dust after the shareholders decided they couldn’t get a decent price.
As the FT reported, the planned $400m offer was pulled late on Monday after a difficult month for Russian shares, which has seen the Micex index fall 5 per cent from its recent mid-September peak. Continue reading »
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