Deals of the Year 2012: Sberbank
|Size||$5.21 billion equity follow-on|
|Global coordinators||Credit Suisse, Goldman Sachs, JPMorgan, Morgan Stanley, Sberbank CIB|
|return to the Emerging Europe Deals of the Year index|
In terms of broader market impact, however, no deal from CEE last year could compare with Sberbank’s $5.2 billion secondary equity placement. Although not the autumn’s only successful bank privatization – the Turkish government also achieved high levels of oversubscription for its sale of a TL4.5 billion ($2.5 billion) stake in Halkbank in November – the Sberbank offering gets the nod for single-handedly reviving the region’s moribund primary equity markets, paving the way for subsequent deals, such as Megafon’s $1.7 billion IPO.
That it was able to do so in such a convincing manner, however, was not merely because of the sheer scale of the offering – the largest equity placement from Russia since 2007 and the third largest ever from an EMEA financial institution – and the visibility of the name, but also to textbook timing and execution on the part of both the seller and the syndicate banks.