Track record helps Global Ports break Russia hoo-doo

Russian port operator Global Ports Investments lifted the market’s mood on June 24 when it completed its $534m London IPO to defy turbulent markets and the terrible track record of Russian listing hopefuls so far this year. The stock traded up 10% in conditional trading and, when it went unconditional on Wednesday — after the exercise, in full, of the greenshoe — closed up 18% from its $15 IPO price (from a $14.70-$16.10 range).