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 Cookiesbefore 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.

Emerging Europe IPO trio gets a mixed reception from wary investors

Slovenian, Kazakh governments deliver on privatization promises, while price concerns scupper listing plans of Belarusian retailer Eurotorg.

A trio of chunky IPOs from emerging Europe met with a mixed reception from wary investors in London in early November.

To the surprise of many in the market, two long-promised privatizations – of Slovenian lender NLB and uranium producer Kazatomprom – made it across the line, while a leading private-sector retailer had to postpone its listing.

On November 9, the Slovenian government finally delivered on commitments to the European Commission, made at the time of a state bailout of the country’s leading banks in 2013, to sell more than half of market leader NLB.

A previous listing attempt in June 2017 was cancelled when politicians rejected the proposed minimum offer price – which valued the bank at €1.1 billion – as too low. That prompted the EC to threaten to appoint a divestiture trustee if the sale was not completed by the end of this year.

There had been concerns that Slovenia’s volatile politics would again scupper the deal, particularly given the challenging external market conditions. 

One of the biggest drawbacks of the NLB IPO was that it’s more of the same - Matthias Siller, Baring Emerging Europe

Despite pricing below the level deemed unacceptable last year, however, the listing went ahead in London and Slovenia’s capital, Ljubljana.

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?