CEE Equity

Telenor, the Norwegian telecoms company, has sold a 4% stake in Veon, the Russian telco formerly called VimpelCom, for $262.5m through a block trade.

Three more IPOs reached successful conclusions on Tuesday and Wednesday, including the largest in Poland for over two years.

Shares in Mol, the Hungarian oil and gas company, fell 3.4% early on Thursday morning but recovered to close flat, after Čez Group, the Czech electricity company, sold its whole 7.5% stake in Mol through an accelerated bookbuild, while buying back bonds it had issued that were exchangeable into Mol shares.

Shares in Tullow Oil, the UK oil and gas drilling company, fell 16% on Friday morning after it announced plans for a £607m rights issue to strengthen its balance sheet after oil prices have rallied from their slump in 2015.

Five new IPOs were announced in EMEA this week as the market enters a crucial window in the run-up to Easter.

MD Medical Group, the Russian private hospitals group that specialises in paediatric and maternity care, will consider a share sale on the London Stock Exchange to partly finance the opening of 10 new medical facilities across Russia over the next three years.

Shares in Rusal, the largest aluminium producer in Russia, closed 3.9% lower in Hong Kong on Tuesday after Onexim, an investment vehicle controlled by Mikhail Prokhorov, the billionaire owner of the Brooklyn Nets, sold 3.3% of his stake in the company for HK$1.8bn ($240m), through an accelerated bookbuild launched on Monday night.

Equity-linked bond issuance, lagging behind demand in Europe, showed a burst of vigour on Thursday with the launch of three deals, including substantial convertibles for Vinci and Severstal that were both eagerly received.

Adorabella Ltd, a vehicle controlled by billionaire Andrey Guryev and his family, has sold a 4.5% stake in PhosAgro, the Russian maker of phosphate-based fertilizers, for Rb14.8bn ($250m) via an accelerated bookbuild on Wednesday night that was covered in an hour.

Detsky Mir, the Russian toy retailer, this week priced its Rb18.4bn ($311m) Moscow IPO, the first IPO of significant size to be completed this year in EMEA.

The IPO market in EMEA is enjoying mixed fortunes, with the successful completion of the largest flotation in Russia since 2014 and the withdrawal of the first German IPO of the year late on Tuesday due to a lack of demand at an acceptable price.

Detsky Mir, the Russian toy retailer, has revised the price range for its Rb21.1bn ($350m) Moscow IPO to Rb85 to Rb90 a share, the bottom end of the initial Rb85 to Rb105 range.