Capital Markets: Team Of The Month - Renaissance Cuts Its Teeth On A Meaty Deal - Russia's Cherkizovo Chose Renaissance Capital As A Local Adviser For Its IPO. Then, After Several Partners - Including Morgan Stanley - Walked Out, The Home-grown Talent Was.

Banker, The, June, 2006 by Aris, Ben

Byline: BEN ARIS

The flotation of a 28% stake in Cherkizovo, Russia's biggest meat-producing company, nearly ended in disaster when Morgan Stanley pulled out of the management team on the eve of the initial public offering (IPO). Renaissance Capital, a domestic Russian investment bank, was left in the driving seat and, despite investors' jitters and a frothy market, it managed to place the stock successfully in the first ever IPO on the London Stock Exchange managed exclusively by a local Russian bank.

A wave of Russian IPOs has hit both the domestic and international markets in the past 18 months after a soaring stock market drove up valuations to the point where owners have begun to tap their equity for investment capital.

The number of...

Read the rest of this article with a Free Trial at HighBeam Research.

Premium Content Partnership | HighBeam Research provides an in-depth online archive library of reference works.