Stock market listings by the country’s companies have been scarce since 2014, when President Vladimir Putin’s annexation of Crimea led to European and U.S. sanctions, which spooked overseas investors. Since then, there’s been at best a handful of IPOs each year. As recently as 2018, there were none., a $10 billion e-commerce group, listed in New York last year, while $8 billion discount retailer Fix Price made its debut in London in March.
As in other countries, the Covid-19 pandemic has accelerated some companies’ development. Online real estate listings group Cian, which Reuters last month reported is seeking to raise $350 million in New York, has benefitted from greater internet use. App-based car sharing company Delimobil, which operates a fleet of more than 18,000 vehicles and is the market leader in Moscow, is targeting a similar amount. Food retailer VkusVill taps into the trend for healthier eating.
Barring a stock market crash or a new round of more severe sanctions, Russia’s IPO pipeline is unlikely to dry up entirely. But as with a Russian salad, some ingredients will not be to everyone’s taste.- 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.
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