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| Initial Public Offering on the New York Stock Exchange |
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Transaction Value US$371 million
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”Emerging Europe Equity Capital Markets Deal of Year”
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| Emerging Markets Investor Magazine |
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In June 2000, Mobile TeleSystems, the leading cellular operator in Russia, launched its initial public offering (IPO) on the NYSE. Not only was this the first major Russia equity transaction since the 1998 financial crisis, and only the second NYSE IPO in Russia’s history, it was also the largest.
The IPO grossed over US$370 million, and was placed at an implied valuation exceeding US$2.1 billion. The issue was several times oversubscribed notwithstanding the fact that the placement occurred during a period of considerable weakness in the global markets and during which the Russian market experienced a 25% downturn.
Renaissance Capital was the only domestic bank in the underwriting and selling syndicate, was responsible for executing a number of the local regulatory requirements,and outsold the combined efforts of all the other international banks in the co-lead syndicate including Credit Suisse First Boston,J.P.Morgan, and Schroder Salomon Smith Barney.
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