CEE Equity

Rarely has confidence in equity markets been more savagely battered during August than this year. But hopes that issuance of new deals will be able to continue in the September-December season were raised on Tuesday by the launch of investor education for two IPOs.

Frankfurt-listed Snowbird, a Chinese down manufacturer, has cancelled plans to seek a secondary listing in Singapore, amid a wave of panic selling that has gripped stock markets this week.

Mehmet Kutman, the chairman of Global Liman, has reportedly been fined TL617,000 ($223,000) by the Turkish regulator for claims related to the cancellation of the Turkish cruise operator’s initial public offering.

Credit Bank of Moscow started trading on the Moscow Exchange on Wednesday, after raising Rb13.2bn ($237m) in the year’s second Russian initial public offering.

Credit Bank of Moscow has successfully completed its IPO, raising over Rb10bn ($180m). That is considerably more than its Rb6.2bn minimum deal size.

CriteriaCaixa Holding, the unlisted company that owns stakes in CaixaBank and various industrial companies, sold a 2.28% stake in CaixaBank on Tuesday night, via a €566m Morgan Stanley block trade that was quickly covered.

The sense that green shoots are appearing in Russian equity capital markets was strengthened on Tuesday evening (June 23) by the European Bank for Reconstruction and Development’s sale of part of its stake in Lenta, the hypermarket chain.

Credit Bank of Moscow released on Friday June 19 further details of its IPO, announced on Tuesday last week. The offering on Moscow Exchange begins on Monday June 22 and will run until June 30.

Bank of Georgia intends to float its wholly-owned subsidiary Georgia Healthcare Group on London’s main market in either September or October.

Credit Bank of Moscow has announced its intention to float on the Moscow Exchange, in what would be only the second Russian IPO since Russia annexed Crimea in March 2014.

The European Bank for Reconstruction and Development has entered exclusive negotiations to acquire a 10% stake in Borsa Istanbul, ahead of the Turkish exchange’s expected IPO.

The European block market had one of its busiest weeks with 11 deals executed over just four days, most of them welcomed with open arms by investors. The bullishness is in stark contrast to last week when culled IPOs were in the limelight, with bankers putting the change down to disciplined investors calling the shots.