The first half of 2011 has been tumultuous for Russian IPOs, but bankers will be hoping for a more propitious six months after the successful pricing of Global Ports last month.
The $534 million offering was only the fifth Russian initial public offering to be completed in London this year, with another five failing. Deals planned for other exchanges, such as Russia’s Micex, have also been withdrawn.
All eyes are now on Phosagro, a fertilizer producer, which plans to raise up to $1 billion from its IPO, in the hope that the market’s topsy-turvy performance is coming to an end.
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