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Russians Are the 3rd in IPOs
Russia’s companies were the third in IPOs in the first half of this year, having outpaced firms of Britain and Brazil, signaled the preliminary report of Thomson Financial. Russia’s Trading System (RTS) sprang another surprise once it outran NASDAQ to become the third leader amid stock exchanges. The Russians will maintain leading standing in the second half, the analysts forecast, never minding the election risks.
The ranking leaders were the U.S. companies that placed stocks worth more than $21.57 billion from early this year to June 21. China followed with its $17.83 billion and Russia was the last of the leading trio with $15.83 billion.
In addition to the aggregate size of IPOs, the United States was the absolute leader in number of IPO holders. Taken for the incomplete six months of this year, over 90 firms of the United States, more than 60 companies of China and roughly 50 companies of Australia held their IPOs. Of interest is that Russia came up with no more than 10 IPOs.
But the IPO size of Russia’s VTB reached $7.9 billion, which set the absolute record and accounted for nearly a half of the aggregate IPOs of the country. Magnitogorsk Iron-and-Steel Works (MMK) with its IPO of roughly $1 billion, Pharmstandard (over $950 million) and PIK Group ($1.85 billion) also contributed to advancing Russia to the leading trio, said Ovanes Oganisyan, chief analysts at Renaissance Capital.
Russia’s companies “are improving their positions also on growth in placement size,” explained Troika Dialog Managing Director Dmitry Kushaev, signaling that the number of companies raising more than $1 billion through IPOs is going up.
Another surprise of the ranking was the third position of RTS ($10.86 billion), which yielded to the exchange of Hong Kong ($12.89 billion) but overwhelmed the U.S. NYSE ($10.06 billion) and NASDAQ ($9.97 billion).
But RTS won’t stay amid leaders. The survey neglected the $4.13-billion IPO of Blackstone Group that was held on NYSE past week and that would make that stock exchange the third major. But NASDAQ will remain an overtaking exchange for the Russians.
www.kommersant.com
All the Article in Russian as of June 25, 2007
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