Emerging Europe has been enjoying a mini-boom in IPOs.
Poland, Russia and Kazakhstan have produced deals worth $1 billion or more since September. Even tiny Lithuania made headlines with a chunky listing of local utility Ignitis.
One name, however, has been conspicuously absent from this list.
Turkey, the region’s second-largest economy, has not produced an IPO of even the size of Ignitis for two and a half years – and bankers say that is unlikely to change in the near future.
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