CEE Equity
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Investors rushed in for ‘blowout’ block trade
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Bank selects Skaff to replace departed banker
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After a long dry spell, Russian equity capital markets are churning out deals. What's attracting investors?
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EMC, the Cyprus incorporated private healthcare company with assets across Russia, has completed a global depositary receipt listing in Moscow. The deal paves the way for more overseas incorporated companies to sell equity instruments on Moscow Exchange.
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Russian IPOs have long been beset by the political turmoil that surrounds their country’s relationship with the US. Many a deal has been sunk by US-Russia tension, particularly when sanctions are imposed by the former.
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EMC, the Russian private healthcare company, has unveiled the price range for its IPO on the Moscow Exchange.
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The possible flotation of a Russian hospitals group is being billed as a revival of the country’s IPO market, with more deals to follow. Bankers pointed to the recent US-Russian summit in Switzerland as cause for optimism but investors should remain as sceptical as they appear to be about the rest of the IPO market.
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Equity capital markets are bracing for an influx of Russian IPOs in the autumn, following a slight easing of tensions between the US and Russia. However, not only is the threat of further sanctions still present, but Russian IPO candidates will also be heading into an increasingly crowded and difficult market, writes Aidan Gregory.
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Bulgarian animal healthcare company Huvepharma has become the latest casualty in an IPO market oversaturated with supply.
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United Medical Group, the Russian healthcare company, has launched an IPO on the Moscow Exchange, which is expected to raise more than $500m, according to a source close to the transaction.
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More emerging market issuers will issue convertible bonds following landmark deals in Turkey and the United Arab Emirates in recent weeks. The asset class is seen as a way for EM companies to raise capital while avoiding rising interest rates and to showcase the increasing sophistication of their home exchanges. Aidan Gregory reports.
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Polyester producer Sasa has placed the first convertible bond by a Turkish listed issuer, raising €200m, as the asset class continues to grow in popularity.
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Believe, the French digital music company, completed its Paris IPO on Thursday morning but the shares bombed in their first hours of trading in another blow for European listings. However, sources close to the transaction were still pleased to get the deal across the line in what they saw as a boost for the French IPO market after another sizeable listing was pulled last week.
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Russian gold miner Nord Gold said on Thursday that it wants to launch an IPO on the London Stock Exchange, following a rally in the price of gold since March.
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National Bank Trust, the bad bank set up by the Russian government after the financial crisis, has raised Rb50.2bn ($681m) by selling shares in VTB Bank, one of Russia’s largest banking groups.
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A deal-hungry retail investor base provided crucial support for a strong first few months of the year in Russian equity capital markets, and sources in Moscow are hopeful that the momentum will carry on through 2021 as the political noise that threatened to derail the market subsides.
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Pepco, the Polish discount retail group, has priced its IPO on the Warsaw Stock Exchange at Z40 a share, valuing the company at Z23.0bn (€5.1bn).
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The Warsaw IPO of Canal+ Polska, the Polish satellite TV network, has been postponed. The deal is the latest victim of Europe's binary IPO market.
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Pepco, the retail holding company that owns Poundland, has fixed the price range for its IPO on the Warsaw Stock Exchange, valuing the company at Z21.85bn-Z26.45bn (€4.8bn-€5.8bn).
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Segezha, the Russian paper and pulp company, has completed its IPO on the Moscow exchange. The conclusion of the listing was a relief for the company, given fears that it could have been derailed by political tensions between Russia and the US.
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A wave of Russian equity capital markets activity has broken this week, taking advantage of a rise in optimism that geopolitical tensions between Russia and the US are decreasing.
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Pepco, the retail conglomerate that owns Poundland, is seeking to list in Warsaw through an initial public offering.
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Russian paper and pulp company Segezha is covered across its initial price range in its IPO, showing that Russian companies can withstand political volatility when doing an IPO.
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Segezha, the Russian paper and pulp company, has set a price range on its IPO despite the growing pressure faced by Russian companies as hostility between the country and the US increases.
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Etalon, the Russian real estate and construction company listed in London, has launched a rights issue to help fund its investment in new land and development.
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Equity and debt markets were fretting on Thursday over the implications of new US sanctions against Russia. A prohibition of US investment in Russian sovereign bonds marked an escalation in tensions, threatening sovereign borrowing costs. It could also damage Russian companies’ chances of funding in the capital markets, write Mariam Meskin and Sam Kerr.
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Canal+ Polska, the Polish satellite TV network, has rebooted its IPO on the Warsaw Stock Exchange, after the deal was pulled in November last year due to a lack of demand.
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Anna Vasilenko, a former managing director at the Moscow Exchange, has joined EM, the strategic advisory and communications firm for clients in Russia, China and other emerging markets, as its CEO.
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Segezha, the Russian paper and pulp company, has filed initial paperwork for an IPO on the Moscow stock exchange. The company is hopeful of becoming the first listed Russian company in its sector, but IPO market turbulence and sanctions fears hang over the offering.
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Fix Price, the Russian discount retailer, became a public company at the beginning of March in a $1.9bn IPO on the London Stock Exchange. Its CFO Anton Makhnev sat down with GlobalCapital to discuss the deal.
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GV Gold, the Russian gold miner, has postponed its listing on the Moscow Stock Exchange as a difficult IPO market and falling prices in the precious metal force the company to rethink its plans.
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Segezha Group, the Russian paper and pulp company, is exploring a number of capital markets options to help finance growth. These include a green bond and a potential IPO, Rovshan Aliyev, vice-president of finance, tells GlobalCapital.
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As emerging market IPOs continue to draw investors into countries many have never invested before, Turkey remains an obvious absentee. The country could be an EM equity giant but political decisions by its government continue to hinder Turkish businesses.
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Russian hypermarket and grocery store chain Lenta is considering a share sale to boost the freefloat of its stock and raise capital to finance acquisitions.
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CTP Logistics, a commercial property developer based in the Czech Republic, began bookbuilding for its IPO on the Amsterdam stock exchange on Wednesday.
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A Z4.59bn ($1.2bn) block in Allegro, the Polish e-commerce company, met with strong demand from equity investors on Tuesday night, with investors eager to buy more of the stock which was listed to acclaim in Europe last year.