CEE Equity

Emerging market IPOs have been one of the hottest themes in EMEA equity capital markets this year and issuance is set to continue as Canal+ Polska, the Polish television network owned by French TV service Canal+, launched its IPO on Thursday.

E-commerce listings have been been a high point of equity issuance during the second half of 2020, with the sector generating strong returns for investors. Most of the year’s listings have been completed, but banks are already working on deals from the sector for 2021.

Kazakh fintech and e-commerce firm Kaspi began trading on the London Stock Exchange on Thursday after completing a popular IPO. The deal was a remarkable achievement and there are hopes it means future growth-orientated IPOs from the emerging and frontier markets may see similar success, writes Sam Kerr.

Samolet, the Russian real estate company, has launched the first leg of a two stage listing on the Moscow stock exchange, hoping to take advantage of a surge in demand from local retail investors this year.

Kaspi, the Kazakh fintech and e-commerce company, will price its IPO at the top of its price range. It will also grow the deal to around $1bn to meet high levels of investor demand.

Aeroflot, the flag carrier of Russia, has finished the first leg of a jumbo recapitalisation backed by the Russian government, amid turmoil in the airline industry due to the Covid-19 global pandemic.

Polish e-commerce firm Allegro has soared in trading on its first day, giving a huge boost to equity capital markets after a difficult period for IPOs.

Kaspi, the Kazakh fintech and e-commerce firm, has attracted enough orders to cover the books on its London IPO on the first day, according to sources close to the deal.

Shares in two companies, listed on Wednesday, are trading below their IPO price, with bankers blaming more volatile market conditions for the disappointing moves.

Sovcomflot, the state-owned Russian shipping company, will price its IPO at Rb105 a share, the bottom of it range.

Kaspi IPO has officially launched its second attempt at a London listing and already built up a substantial shadow book of demand for the deal.

Equity capital markets bankers are heralding the success of emerging markets IPOs set to be priced in the coming days and weeks, including the flotations of Russia’s Sovcomflot, Lithuania’s Ignitis, Saudi Arabia’s BinDawood and Kazakhstan’s Kaspi.