CEE Equity

The European block trade market exploded into life on Tuesday evening with five deals executed, as opportunistic issuers tapped investors while this year's European Central Bank-fuelled stock market rally continues.

Global Yatirim Holding, the Turkish investment fund, on Monday abandoned the planned Istanbul IPO of Global Liman Işletmeleri, the cruise port operator it owns, because of low demand for the local tranche of the deal.

United Wagon Co, a Russian maker and lessor of railway cars, has set the price range for its IPO, the first in Russia for over a year.

Wirtualna Polska, a Polish internet portal company, on Tuesday started bookbuilding for its Z323m (€80m) Warsaw initial public offering.

Idea Bank, the Polish challenger bank, on Wednesday set the price of its Warsaw IPO at Z24, the bottom of the range, and reduced its size, because investor demand failed to meet expectations.

Wirtualna Polska, the Polish internet portal company, is in the investor education phase of its initial public offering, which could value the company at about €160m.

Idea Bank, the Polish challenger bank, is expected to reduce today the size of its Warsaw initial public offering because investor demand for the deal failed to meet expectations.

That some international investors still have appetite for Russian risk was made clear again on Monday night, when Lenta, the hypermarket group, raised $225m of new capital to finance expansion.

Two equity block trades are in the market tonight, both in supermarket groups: Russia’s Lenta and France’s Carrefour.

The starting gun has been fired for the long-awaited quasi-IPO of Finansbank. The National Bank of Greece, which owns almost all the Turkish bank, will sell some of its shares, though the $1bn deal will consist mainly of new capital.

Wizz Air, the Hungarian budget airline, traded up on Wednesday as it entered the London Stock Exchange following its second, and this time successful, IPO attempt.

Wizz Air, the Hungarian budget airline, has received enough interest from investors to complete its €300m London listing, and will close the bookbuild a few hours early, at 10pm on Monday night instead of noon on Tuesday.