For much of this decade it seemed that hardly a week would go by without a high-profile Russian company going public with widely reported floats on the London or New York stock exchanges. In the first half of 2007 alone, four Russian companies - Sitronics, Polymetal, Sberbank and Integra - launched initial public offerings (IPOs) that raised a total of £7.1bn.For now, though, the flurry of Russian capital markets deals appears to be over - an obvious casualty of the global financial crisis, which has significantly curbed investor appetites and the willingness of financial institutions to lend money. According to various estimates, 40-50 Russian IPOs were cancelled or postponed this year. One of the biggest still on hold is aluminum giant UC RUSAL's £6.7bn float, which was originally targeted for the London stock exchange but is now on ice while the company receives a £3bn bailout from Vnesheconombank to help finance its debt obligations.
December 10, 2008 at 06:08 PM
1 minute read
The original version of this story was published on Legalweek
As IPOs dry up, Russian independent law firms are re-deploying their capital markets specialists to other roles. Jeffrey White reports
For much of this decade it seemed that hardly a week would go by without a high-profile Russian company going public with widely reported floats on the London or New York stock exchanges. In the first half of 2007 alone, four Russian companies – Sitronics, Polymetal, Sberbank and Integra – launched initial public offerings (IPOs) that raised a total of £7.1bn.
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