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Oct 2011Rusal banking on Hong Kong for liquidity boost
A recently launched equity index in Hong Kong could play a significant role in easing Rusal’s liquidity woes, according to the company’s director of capital markets. Rusal hopes the index, which includes the international companies listed in the city-state, will become the new Hong Kong equity benchmark and will help boost trading in the company’s shares. -
Sep 2011Rusal keeps debt pledge - $11.4bn refinanced [Updated]
Rusal has signed an agreement for a $4.75bn syndicated loan agreement, which is the last step in its plan to refinance its entire $11.4bn debt pile before the end of September. The company should shortly be able to pay dividends, something it has been prohibited from doing since 2009. -
Sep 2011Alibaba takes PE so employees can cash in
Private equity firms DST Global and Silver Lake are investing up to $1.6bn in Alibaba, valuing China's largest e-commerce company at $32bn. The companies will buy stock from employees. -
Sep 2011Oh sugar! Rusagro not sweet enough
Russian sugar and pork producer Rusagro will purchase up to $10m of GDRs to support its flagging share price. Since listing in London only five months ago, the company’s shares have fallen by almost 40 per cent on the back of sugar market dynamics and low liquidity in the stock. -
Aug 2011Russia laughs in face of volatility – Sberbank sale on schedule
The Russian government’s plan to privatise a 7.6 per cent stake in Sberbank, which has been scheduled for September, will go ahead despite recent market volatility. -
Aug 2011Svyaznoy's London IPO and $1.8bn+ valuation
Russia’s second largest mobile phone retailer is targeting a London IPO for next year and is initially looking at a higher EV/EBITDA multiple than its chief competitor, which pulled an IPO earlier this year due to an overly-ambitious valuation. Is this hubris, delusion or good value? -
Jul 2011First Russian train to Warsaw delayed by bad weather
The first Russian company to list in Warsaw, agriculture group Valinor, has postponed its IPO plans due to unfavourable market conditions. How much should one read into a pulled Russian IPO in 2011? -
Jul 2011Degrees of success – Phosagro’s IPO
Phosagro, one of Russia’s biggest fertiliser groups, has raised $538m from a dual Moscow and London IPO. The deal was priced near the bottom of the range but the stock is forecast to have good growth prospects. -
Jul 2011Hurry up, Russia! More privatisation quicker
Russian President Dmitry Medvedev on Monday summoned the heads of 27 of Russia’s largest companies such as Evraz, Lukoil, Sistema and Sberbank to discuss recent initiatives to improve the investment climate. They told the President to get a move on with the privatisation programme. -
Jul 2011Phosagro potential IPO risks
Phosagro, a Russian fertiliser producer planning a dual listing in London and Moscow later this month, faces uncertainty over the future ownership structure of its main asset, the company said in the prospectus for its upcoming offering. Prospectus attached. -
Jul 2011Warsaw reels in first Russian IPO
Valinor, a Russian agriculture holding owned by Russian businessman Kirill Podolskiy, is about to become the first company from Russia to list on the Warsaw Stock Exchange. Bookbuilding began on Wednesday with a maximum price of 39.5 zlotys ($14.3) per share. Prospectus attached. -
Jul 2011Rusal seeks Hang Seng listing to remedy liquidity woes
by Hannah Kuchler, FT Tilt and Alastair Marsh, FT Tilt CommentRussia’s Rusal, the world’s largest producer of aluminum, is seeking inclusion in the Hang Seng Index to boost trading in its shares. The company has struggled with illiquidity since it went public in January last year. -
Jul 2011Mongolia nears partnership decision on treasured Tavan Tolgoi
Mongolia has a wealth of mineral deposits but needs outside help to develop the infrastructure required to turn potential into reality. The government is Ulan Bator is close to a final decision on which companies will develop its key Tavan Tolgoi mine. -
Jun 2011Russia’s exchanges do what LSE/TMX could not
Micex and RTS, Russia’s two main exchanges, agreed to merge on the same day that the LSE gave up on its planned deal with TMX. A little nudge from the Kremlin helped. -
Jun 2011Wimbledon, London weather and Russian IPOs
The Russian IPO market in 2011 has been a bit like typical Wimbledon weather. Just as soon as play resumes the heavens open and the covers are back on. -
Jun 2011Behind the scenes of Phosagro’s upcoming IPO
Phosagro, the Russian fertiliser producer, is planning a dual listing in London and Moscow next month. The company has already attracted some keystone investors and appears to have resolved a conflict with the government, which had prevented the firm from coming to market sooner. -
Jun 2011Polymetal eyes London listing
Russia’s largest silver and third largest gold producer is reportedly planning a primary London listing before the end of the year and is targeting an $8bn valuation. -
Jun 2011Global Ports prices $534m+ IPO
Russian port operator Global Ports has raised $534m from an offering of 25 per cent of its share capital. The deal priced close to the bottom of the range, but in the current market is the yardstick for success simply hitting anywhere in the range? -
Jun 2011Russians can succeed in HK IPOs without Asia focus
Rusal’s Hong Kong initial public offering was predicted to open the floodgates for a wave of flotations from Russian companies on China’s border. So far this has not happened but this is not because Hong Kong investors won’t touch firms that don’t have an Asian presence. -
Jun 2011Yandex teams with Rambler
Yandex, a Russian search engine that accounts for 65 per cent of searches in the country, has teamed up with local rival Rambler on searches and advertising. The deal could allow Yandex to boost its market share in both segments. -
Jun 2011Phosagro - and the owner is….
The full details of who owns Phosagro, the Russian fertiliser producer that is planning a London and Moscow IPO, have been revealed. Not by the company itself, it should be noted. -
Jun 2011Russia’s Phosagro plans IPO – ownership questions unanswered
Phosagro, one of Europe’s largest producers of phosphate fertilisers, is targeting a dual listing in London and Moscow. The Russian company has a strong position in an important market, but uncertainty over who owns the company could be a concern. -
Jun 2011Russia’s Global Ports aims to raise $700m in IPO
Russian port operator Global Ports plans to raise approximately $700m in a London IPO that would value the company near the $3bn mark. Undeterred by the growing number of scrapped listings from Russian companies this year, the firm believes its management's past success in the IPO market will prove helpful in attracting investors. -
May 2011Brazil's Webjet scratches IPO plans
Brazil's low-cost carrier Webjet scratched plans too sell shares in an IPO in Sao Paulo, after suffering the impact of high oil prices. The company "guarantees" though that it will still carry on the share offering at a later date. -
May 2011Yandex IPO – a one-off success story
Yandex, the number one search engine in Russia, is expected to list on the Nasdaq by Tuesday morning. The offering is 10 times oversubscribed and could see the firm valued at about twice the price of Google, relative to earnings. Unfortunately, it does not represent a turning point for the Russian IPO market. -
May 2011The Chinese buyer behind Gold One
A consortium of Chinese investors led by Baiyin Non-Ferrous Group has snapped up Africa-focused gold producer Gold One. The deal comes as the Chinese metals producer prepares to raise funding for overseas investment via a share sale in Shanghai. -
May 2011Russian Helicopters pulls $2bn listing
Russia’s state helicopter manufacturer Russian Helicopters has scrapped a $500m share sale that would have valued the company at around $2bn. This was seen as a rare opportunity to get exposure to a high-tech company within an important industry. What went wrong? -
May 2011Russia’s Yandex targets $1.1bn IPO
Yandex, Russia’s most popular search engine accounting for 65 per cent of internet searches (Google only has a 22 per cent share of internet requests in the country), has raised the target on its upcoming IPO to $1.1bn. Click through for the updated SEC filing. -
May 2011The Russians are coming - Warsaw’s eastern appeal
Close to 40 foreign companies from 19 countries are now listed on the Warsaw Stock Exchange. The bourse is the leading exchange in the CEE region attracting listings from firms based in such places as Ukraine and Bulgaria. Russian companies are now surveying the opportunities. -
May 2011Glencore adds fresh fire to Russia’s London vs. HK debate
Ever since Rusal launched an IPO in Hong Kong in early 2010, Russians have been debating (with varying degrees of intensity) the pros of following in Oleg Deripaska’s footsteps or treading the more well warn path to the LSE. Glencore’s IPO has served to stir things up again. -
Apr 2011Mail.ru - What’s up stock?
The founders and managers of Russia’s largest e-mail service provider Mail.ru sold a stake in the London-listed company on Wednesday, causing speculation that something maybe awry at the firm. -
Apr 2011Oligarchs play musical chairs at UralKali
What do Dmitry Rybolovlev, a Russian oligarch facing the world’s most expensive divorce, Russian billionaire and parliamentarian Suleiman Kerimov, mobile phone tycoon Alexander Mamut and metals magnate Alexander Nesis have in common? -
Apr 2011Smoking hot - Russia’s next IPO candidate
Megapolis, Russia's biggest distributor of cigarettes, is said to considering a London listing, and could become one of the City's biggest listed companies. -
Apr 2011Why Medvedev likes dim sum land
The Russian president's Hong Kong visit is symbolic not just of growing Sino-Russian ties, but also of the tiny island's attraction as a prime location for listings by Russian firms. -
Apr 2011A unique offering - Russian Helicopters IPO
Russia’s sole manufacturer of helicopters, and the biggest supplier to India and China, is planning a London-Moscow IPO. Now that makes a change from the usual names coming out of Russia. -
Apr 2011Russian IPOs: if at first you don’t succeed…
A Russian steelmaker that pulled a planned London IPO in February looks set to return to its listing plans as at least four other companies draw close to LSE floats. -
Apr 2011Meet Alexander Mamut – a busy tycoon
Alexander Mamut is a powerful Russian oligarch, a friend of Roman Abramovich and rumoured to be close to Vladimir Putin. Here is how he spends his days. -
Mar 2011Merged Micex and RTS to float by 2012
This year Russia could have a single stock exchange, as existing bourses Micex and RTS merge. Next year, the unified entity could launch an IPO. -
Mar 2011Russian IPO déjà vu
Four Russian companies -- a bank, a mobile phone retailer, a residential developer and a sugar producer -- are all planning IPOs in London, yawn. Haven’t we heard this before? -
Mar 2011Springtime for Russian IPOs
Russian sugar producer Rusagro is set to kick off Russia’s spring IPO season. If it goes well, more listings could follow. -
Feb 2011Russian corporates: a week in review
From failed listings, to legal battles and the launch of the privatisation programme, the last week has been a busy one for Russia’s largest companies. -
Feb 2011Nord Gold completes black week for Russia IPOs
Nord Gold last night became the third Russian company to scrap a planned London flotation in less than a week. -
Feb 2011Russia's Chelpipe IPO: another one bites the dust
Initial market enthusiasm for a burst of IPO activity from private Russian firms has all but evaporated. Pipe maker Chelpipe is the latest to cancel a planned listing -
Dec 2010(Slightly) clearer picture on RTS’ IPO
RTS will conduct an IPO next year. But will it merge with Micex or team up with Deutsche Börse? No comment.
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