IPOs of Russia being pulled
NORD GOLD has placed its name among the Russian firms who have scrapped plans for the London IPO i. e. Initial Public Offering. NORD GOLD is the unit of gold mining under the steel giant, Severstal. The decision of the NORD GOLD to scrap its plans for the public offering led to the dejection of the Russian issuers who were already hoping for a comeback from London. Nord gold along with its peers namely the Chelpipe and the Koks were reported to be blaming the conditions of the market. There has been a renewed interest of the country being a market that is emerging. But the cancellations made in the last minute clearly show that the investors are highly concerned about the Russian IPO (Initial public Offering). It was a few hours before the Chelpipe pulled their flotation, the chairman of Chelpipe made a statement.
Sergei Moiseyev, the chairman of Chelpipe, said in his statement to the FT that they were in the middle of a market which felt jittery about Russia. As reported recently there were several inflows into the equities of Russia. The inflows were there in spite of the fact that the investors were taking out huge money about billions of dollars from the investments of the emerging market. It is because of this there raise a question about the concerns of the investor not lying with Russia as much as it is lying with the issuers. Roland Nash who is a strategist said that there was some disbelief about the new companies which were coming in the market. It was mostly because the fact that so far the companies of Russia have failed to perform too well which means their performance have been below par till now. So it can be said that the present initial public offerings are paying for mistakes done by their predecessors. The other companies justify their pulling by saying that the market conditions are worrying but it is just an excuse.
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