Only one tenth of Russian and CIS IPOs placed in 2010

By Ivan Anderzhanov.

Only one tenth of the total of the 79 IPOs scheduled this year for Russia, Ukraine and Kazakhstan have been carried out, according to public relations firm PBN Company.

The seven IPOs in H1 2010 were valued at more than $3 billion, with RUSAL’s $2.24 billion Hong Kong float representing almost three-quarters of total capital raised. Other completed transactions so far this year include: Agro-Generation ($14.4 million), Russian Sea ($90 million), Protek ($400 million), Avangard ($200 million), Kuzbass Fuel Company ($163 million) and DIOD ($9.2 million).

Investment banks in Moscow have predicted $10bn to $20bn in fresh issuance this year but there will have to be an avalanche in the Autumn to get anywhere near those levels.

“There’s a whole lot of smoke but very little fire when it comes to IPOs from this part of the world,” said Peter Necarsulmer, Chairman and CEO of PBN, in a statement.

Most companies, 46 in total, have yet to decide where they will list their shares. Of those that have declared intentions to issue shares, London, Moscow and Hong Kong remain the most preferred destinations. Neighboring Poland is an attractive financial market for Ukrainian companies, with seven saying they will list their shares on the Warsaw Stock Exchange.

By Ivan Anderzhanov. Only one tenth of the total of the 79 IPOs scheduled this year for Russia, Ukraine and Kazakhstan have been carried out, according to public relations firm PBN Company. The seven IPOs in H1 2010 were valued at more than $3 billion, with RUSAL’s $2.24 billion Hong Kong ...