Rustem Teregulov, Partner in the Capital Markets Group at PwC Russia, comments on Overview of Russian IPOs

26.09.2013 Rustem Teregulov, Partner in the Capital Markets Group at PwC Russia, comments on Overview of Russian IPOs: 2005-2013 by PwC: 

London Stock Exchange (LSE) historically led the way by number of deals hosting 64 Russian IPOs between 2005 and August 2013. Over 70% of listings in London were in the form of GDRs (Global Depository Receipts). The majority of businesses (64%) had a holding company incorporated in the Russian Federation, with Cyprus being the second most popular holding company jurisdiction, accounting for 16% of GDR offerings. 

Whilst only 2 companies chose Premium listing route at IPO (one of them being RusPetro in 2012) five companies have subsequently upgraded to the Premium segment from GDRs or AIM (Alternative Investment Market). In 2012-2013 IPO activity was equally split between the Russian, US and London listing venues with each market hosting 4 IPOs. 

Companies in the metals & mining and oil & gas sectors dominated the IPO landscape in 2005-2012 with a total of 28 deals or 24% of all Russian IPOs, with the majority of offerings in these sectors hosted by the LSE. 


Financial services and technology & communications sectors led with 6 out of 12 listings in 2012 and first eight months of 2013. US exchanges were the most popular listing venues in these sectors hosting 4 IPOs in the last 20 months. For the first time since 2004 two Russian businesses listed on NYSE: EPAM Systems in 2012 and Luxoft Holding in 2013.

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