21 November 2019
Russia IPOs Suffer From Diverging Risk Outlooks
Volume of equities offerings, from Russian companies in 2020 could range from $3.2-7.7 billion, Dmitry Bolyasnikov, VTB Capital’s co-head of equity capital markets, says in an interview in Moscow.
- “There is a certain discrepancy in the assessment of risk and, as a result, in determining the price of an asset during initial offerings of Russian companies by investors, issuers and selling shareholders”
- Three issuers planned an IPO this year; Headhunter made a placement, but one transaction did not happen and in another shareholders opted for M&A, Bolyasnikov said
- In 2019 primary and secondary offerings exceeded $3.2 billion, excluding Gazprom and Detsky Mir SPOs
- “Investors are more inclined to look at secondary placements of Russian public companies, where the story is clear”
- “Next year we have a significant pipeline of new and deferred IPOs, it is difficult to judge who will reach the finish line. These are issuers from a wide range of sectors - transport, IT, development, metallurgy, retail”