Richard Ogdon, executive director of Uralsib bank, says: “There’s a risk of the IPO market being ruined by overexuberance.” His comment comes after Morgan Stanley dropped out last month from the IPO of Russian meat processor Cherkizovo after a disagreement over the company’s valuation.
Another book-runner, Russian brokerage Troika Dialog, later also walked away from the deal, leaving two Russian brokerages – Renaissance Capital and Gazprombank – as sole book-runners....
