Insiders acknowledge that the IPO pipeline is not at its peak. “The market is not as strong as it used to be a couple of months ago,” says an analyst at Renaissance Capital. “During the rest of the year, we might see five to 10 sizeable international transactions, and some smaller ones,” says Gergely Voros, managing director, global capital markets, at Morgan Stanley. But he adds: “It is still a very exciting market despite fewer transactions.
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