Russian IPO salad hides some dodgy ingredients

Fix Price

18/10/2021 09:08

(The author is a Reuters Breakingviews columnist.  The opinions
expressed are her own.)
    By Dasha Afanasieva
    LONDON, Oct 18 (Reuters Breakingviews) - Helped by a global
boom, new listings by the country’s companies are at their most
active since 2007. Investors are more used to sanctions risk,
while Covid-19 has spruced up hopefuls such as real estate
website Cian. Others, like St Petersburg’s bourse, may be lumpy
leftovers.        
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    CONTEXT NEWS
    - IT firm Softline launched an initial public offering in
London and Moscow to raise around $400 million. On Oct. 18 it
announced an indicative price range which would value the
group’s equity at up to $1.9 billion.     
    - Real estate website Cian on Oct. 13 launched an IPO in
Moscow.
    - Russian insurance group Renaissance Insurance launched an
IPO in late September and announced an indicative price range on
Oct. 11 which would value its equity at up to 73 billion roubles
($1 billion) after the deal.
    - Car sharing company Delimobil filed for an IPO in New York
on Oct. 8, saying its revenue for the six months ended June 30
was 5 billion roubles ($69 million), more than double a year
earlier.
    - Convenience store chain Mercury Retail aims to raise over
$1 billion in an IPO in Moscow by year-end, Reuters reported on
Sept. 30, citing financial sources.
    - Food retailer VkusVill and SPB Exchange are among those
preparing public listings, Reuters has reported, citing sources
familiar with the matter. The Wall Street Journal, citing
sources, reported in September that VkusVill could be valued
between $3 billion and $5 billion and the exchange at $2
billion.

    <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
FACTBOX-Russian companies prepare for new IPO surge   
 urn:newsml:reuters.com:*:nL8N2QT3JK
BREAKINGVIEWS-Russian gold IPO hunters can afford to wait   
 urn:newsml:reuters.com:*:nL5N2NQ2BP
BREAKINGVIEWS-European IPO market feels like global leftovers   
 urn:newsml:reuters.com:*:nL5N2OL3NQ
BREAKINGVIEWS-Russian retail IPO offers crowded bet on misery   
 urn:newsml:reuters.com:*:nL8N2KL3L9
BREAKINGVIEWS-Russia is blessing and curse for e-commerce IPO   
 urn:newsml:reuters.com:*:nL8N2I52AW
    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
 (Editing by Peter Thal Larsen and Oliver Taslic)
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