CEE Equity

Equity capital markets bankers are heralding the success of emerging markets IPOs set to be priced in the coming days and weeks, including the flotations of Russia’s Sovcomflot, Lithuania’s Ignitis, Saudi Arabia’s BinDawood and Kazakhstan’s Kaspi.

Polish e-commerce firm Allegro has priced its historic IPO on the Warsaw Stock Exchange, the largest in its history, to become the most valuable listed Polish company. However, high demand for stock has meant that a substantial slice of investors in the IPO got no shares at all in allocations.

Sovcomflot, the Russian state-owned shipping company, has launched its IPO on the Moscow stock exchange with domestic orders already in the book.

Allegro, the Polish e-commerce company, will grow the size of its Warsaw IPO to meet investor demand for the deal.

Kaspi, the Kazakh fintech and e-commerce firm, has returned to the IPO market for a second attempt at a London listing after cancelling last year's effort over valuation differences between investors and the sellers. Sources say that gap has been bridged and are confident of listing Kaspi this year.

The string of Russian deals in European equity capital markets recently has continued with a $600m sale of new shares and convertible bonds by Mail.ru Group, one of the country’s largest internet companies.

Allegro, the Polish e-commerce company, covered its Warsaw IPO throughout its range on the first day of bookbuilding on Tuesday as investors rushed into the book. It will be one of the largest IPOs of the year at about $2bn.

Ignitis Grupe, the state-owned Lithuanian energy and utility company, has opened books on its IPO on the Nasdaq Vilinus and London Stock Exchange. The company’s listing will benefit from a framework agreement signed with the European Bank for Reconstruction and Development, under which it will participate in the IPO.

Alexander Nesis, the Russian billionaire who is the largest shareholder in gold miner Polymetal, sold a 4% stake in the company on Thursday - the fifth trade in the name this year.

This week’s £1.88bn ($2.43bn) IPO of The Hut Group (THG) in London is leading to hopes that European technology firms will follow in listing on their home markets rather than in the US.

Sovcomflot, the state-owned Russian shipping company, has launched its listing on the Moscow stock exchange, reopening Russia’s IPO market after a long drought of deals.

Allegro, the Polish e-commerce company, launched its long-awaited Warsaw IPO on Monday. The transaction could be one of the largest of the year, according to sources close to the deal.