Russian IPOs roiled by sovereign debt shockwaves
The Russian IPO market’s fledgling recovery fell foul of this week’s sovereign debt meltdown, with bankers expecting fertilizer producer UralChem’s $569m float to be withdrawn today (Friday). Coal miner Kuzbass Fuel has already slashed its $346.50m offer to just $104.30m, while real estate company LSR Group reduced a secondary offering from $842.23m to $721.91m.
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