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Comments by Dmitry Bolyasnikov, co-head of Equity Capital Markets at VTB Capital, for Bloomberg

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”

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