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.

Russia: VTB puts on a good show with $8 billion IPO

VTB, Russia’s second-largest bank, made a strong debut with its initial public offering in mid-May and helped to restore faith in the entire Russian IPO market in the process. In contrast to the ham-fisted domestic share offering by market leader Sberbank in February, VTB’s transaction, which involved Russian and London listings, was widely considered to have been much better marketed, with the result that both listings attracted widespread investor support.

Citi, Deutsche Bank and Goldman Sachs were joint global coordinators, with Russia’s Renaissance Capital joining them as joint bookrunners. VTB sold 1.513 trillion new shares at a final price of 13 kopeks for the Moscow listing and priced the global depositary receipts for its London quotation at $10.56. Both the local and international shares were priced near the top end of their indicative ranges. In total the 22.5% stake raised $8 billion and valued VTB at $35.5 billion, compared with the $89 billion market capitalization of Sberbank. But in stark contrast to the rights issue by Sberbank in February, which was effectively underwritten by the Bank of Russia and a number of Russian oligarchs, VTB attracted sizeable participation from ordinary Russians. VTB reported that it sold $1.6

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.


Unlimited access to and

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


Unlimited access to and, 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


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