The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.
Banking

Russian IPOs to diversify despite numbers slump

Emerging markets have not responded well to the recent wobble of international stock markets. But if IPO activity can be considered as an indicator for economic expectations in a market, investors still have plenty of confidence in wide-ranging growth in Russia.

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.”

Reinout Koopmans, co-head of Cema equity capital markets at Deutsche Bank, is equally positive. He argues that, as long as oil prices remain at current levels, fundamentals will remain strong. Koopmans does expect IPO activity in the second half of the year to be at the same level as the first. “My schedule is still very busy,” he says.

The Rosneft transaction has attracted the most attention. Speculation that the IPO might drain away liquidity for other transactions seems unfounded, as investors are looking to diversify. “Anything outside commodities is welcome,” says Koopmans.

Apart from commodities, he expects the main activity for the rest of the year to be in retail and real estate, with the banking and insurance sector to become more active in 2007.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree