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Russian IPO Pioneers Jan2006.Pdf RUSSIA’S IPO PIONEERS Table of Contents Introduction 3 Initial Public Offerings Vimpelcom 8 Golden Telecom 10 Mobile TeleSystems 12 Wimm-Bill-Dann 14 RBC Information Systems 16 Pharmacy Chain 36.6 18 Irkut 20 Kalina 22 Mechel 24 Seventh Continent 26 Open Investments 28 Sistema 30 Lebedyansky 32 Khleb Altaya (Pava) 34 Severstal-auto 36 Pyaterochka 38 Evraz Group 40 Rambler Media 42 Novatek 44 Urals Energy 46 Amtel-Vredestein 48 IMS Group 50 Novolipetsk (NLMK) 52 Stock Exchanges LSE 55 NASDAQ 58 NYSE 61 MICEX 63 RTS 65 About the PBN Company 67 The PBN Company © Copyright 2005 2 Introduction From VimpelCom to NLMK — Growing Russian Issues From Gas to Grain The PBN Company's Guide to Russia's IPO Pioneers Who would have thought only two years ago that we would see so many Russian companies fea- tured so prominently in the global capital mar- kets? Who would have thought that Sistema and EvrazHolding would become household names in international investment circles? Even Pyaterochka, if only people could pronounce it. A look at the figures shows just how dramatically Russian equity issues have grown in the last two years — a period in which investors have been inundated with initial public offerings coming out of Russia. A key driver for rising investor demand has been Market conditions were clearly right. With developed a notable desire on the part of investors to diver- equity markets generally in decline, investors became sify their Russia holdings away from politically willing to look further afield for attractive returns. With risky resource stocks and into more dynamic, the Russian economy growing rapidly, politics stabil- rapidly growing consumer companies. It was this ising, and more companies embracing higher stan- voracious appetite for new, liquid stocks offering dards of transparency and corporate governance, exposure to Russian growth which made the Russia seemed like a good bet. Looking at the Sistema IPO such a resounding success, and returns that the majority of the Russia and which paved the way for numerous other con- Eastern Europe-dedicated funds have boasted in sumer-oriented companies — from automotive to the past two years, it becomes even clearer just internet to food & beverage — to make their cap- why investor demand for new Russian issues has ital markets debuts in 2004-2005. been so strong, and why in turn so many compa- nies from the region have decided to go public. Many of the consumer companies which fol- lowed Sistema also found strong investor While raising capital was certainly one of the fac- demand. Although not all achieved the high mul- tors driving Russian IPOs, in many cases the need tiples initially projected. A number of investors to raise equity finance was secondary. The status considered some of the Russian IPOs to be and profile which comes with a public listing (par- priced too aggressively. ticularly on the international exchanges) influenced some companies to list. And there is also the idea While diversification and exposure to consumer that attracting foreign investors gives Russian com- growth describe much of the recent investor panies a degree of political protection at home. interest in Russian equities, it has not all been The PBN Company © Copyright 2005 3 RUSSIA’S IPO PIONEERS about the consumer story. Lest we forget, Russian Equities by Sector resource companies still have the heaviest weighting in the indexes, and many domestic and foreign portfolio investors are still willing to invest in the enticing if less predictable “strategic sec- tors.” Novatek's recent London IPO at the end of 2005, which was 12 times oversubscribed, bears witness to this. Post-IPO Price Performance Source: Deutsche UFG, MSCI The total volume of the new issues is difficult to predict, but clearly there are dozens more Russian IPOs in the pipeline. It is likely that we will see IPOs from new sectors such as banking, meat processing and pipeline manufacturing. And if investors feel there are not enough steel companies to choose from, the selection should widen in the very near future. Source: Bloomberg With more retail, more telecoms, more technolo- gy on the way as well, investors might be spoiled And there is plenty more appetite left for some of for choice. the more attractive natural resource companies. Not least for Gazprom, as the lifting of the ring And the choice will not be limited to Russian fence appears at long last to be imminent. companies. The overwhelming success of Kazakhstan's Kazakhmys looks set to be fol- The 2004-2005 period was, by and large, a lowed by further international listings of storming success for Russian issuers. But how Kazakh industrial companies. And there are a long can this last? How long will investors be handful of Ukrainian companies waiting in the ready to pay rich multiples for new Russian wings. issues? At least until a market correction occurs, or the Looking Forward 2008 Russian presidential elections come centre The trends we have seen in the past year will contin- stage, investors should brace themselves. The ue in 2006. Some analysts predict another $10 bil- Russian IPO frenzy is set to continue well into the lion in new issues by the end of 2006. new year. The PBN Company © Copyright 2005 4 The purpose of this review of Russian IPOs to from their predecessors — Russia's IPO pio- date was to examine the first wave of Russian neers — as they plan their approach to the cap- companies to go public. Which companies ital markets. were most successful? Which companies missed their price targets? How have investor preferences and demand evolved over the 20 December 2005 decade since VimpelCom floated its shares on the NYSE? And how might this evolution con- The PBN Company tinue in 2006? Perhaps most importantly, this Peter B. Necarsulmer Tom Blackwell report will enable future Russian issuers to learn Chairman & CEO Vice President Selected Announced IPO Initiatives № Company Industry Date Expected Issue Size, $ million 1. Arbat Prestige Consumer 2006 50 2. EFKO Consumer 2006 60 3. Kopeika Consumer 2006 150 4. OST Group Consumer 2006 70 5. Planet Management Consumer 2006 80 6. Rusagro Consumer 2006 50 7. Tander (Magnit) Consumer 2006 300 8. Energomash Engineering 2006 130 9. MDM Bank Finance 2006 250 10. Vneshtorgbank Finance 2006 400 11. Acron Industrials 2006 100 12. Ilim Pulp Industrials 2006 350 13. IBS IT / Media 2006 150 14. STS IT / Media 2006 300 15. Inprom Metals & Mining 2006 70 16. MMK Metals & Mining 2006 500 17. Rusal Metals & Mining 2006 600 18. SUAL Metals & Mining 2006 400 19. SUEK Metals & Mining 2006 200 20. TMK Metals & Mining 2006 250 21. VSMPO-AVISMA Metals & Mining 2006 250 22. Rosneft Oil & Gas 2006 1500 23. Megafon Telecoms 2006 500 24. Ruspromavto Transport 2006 200 25. SMARTS Telecoms 2006 80 26. Evroset Consumer 2007 100 The PBN Company © Copyright 2005 5 RUSSIA’S IPO PIONEERS 27. Nevskaya Cosmetics Consumer 2007 50 28. Nidan Foods Consumer 2007 100 29. Perekryostok Consumer 2007 180 30. Razgulay-Ukkros Consumer 2007 50 31. Rosinter Consumer 2007 80 32. Russian Textile Consumer 2007 50 33. Rosno Finance 2007 100 34. Zenit Bank Finance 2007 100 35. Evrokhim Industrials 2007 100 36. Irkutskkabel Industrials 2007 50 37. Sibur Industrials 2007 250 38. Verysell IT / Media 2007 70 39. Belon Metals & Mining 2007 80 40. Magnesit Plant Metals & Mining 2007 50 41. OMK Metals & Mining 2007 200 42. Serveralmaz Metals & Mining 2007 150 43. Protek Pharmaceuticals 2007 100 44. SIA International Pharmaceuticals 2007 100 45. Russian Railways Transport 2007 700 46. Sibir Airlines Transport 2007 80 47. Russian Product Consumer 2008 50 48. Unimilk Consumer 2008 50 49. TVEL Engineering 2008 150 50. Probiznesbank Finance 2008 50 51. Rosbank Finance 2008 150 52. Agromashholding Industrials 2008 70 Source: Renaissance Capital The PBN Company © Copyright 2005 6 INITIAL PUBLIC OFFERINGS RUSSIA’S IPO PIONEERS VimpelCom “A piece of the new Russia goes on sale today on the VimpelCom ADSs closed at $29. By the end of New York Stock Exchange. Russia's leading cellular 1996 the stock was up 50% from its offer price. telephone company, Vimpel-Communications A.O., is set The structure of the offer comprised 3.9 million for a roughly $90 million initial public offering as the first ADSs offered to investors in the U.S. and Russian company to be listed on the Big Board. Canada, while 1.5 million ADSs were offered VimpelCom, as the company is known, is also a case overseas. study of leveraging political connections into cash in the Wild West business atmosphere of today's Russia.” "Everyone knows that the cellular business is the most dynamic, so the combination of — The New York Times, November 15, 1996 Russia and telecommunications just hypno- tized investors," said Valery Antonov, a telecommunications analyst with Creditanstalt Grant. IPO profile VimpelCom's listing on the NYSE in November The success of VimpelCom's IPO depended on 1996 was Russia's first ever IPO in any form. The the results of Russian president Boris Yeltsin's company floated at the top of the announced cardiac surgery, which was carried out during price range, which was increased in response to the road show. “Nobody would buy Russian strong demand from $15.75-$18.75 to $19.50- securities in a situation of complete uncertainty $20.50 the day before the IPO. The stock was of the country's further political line,” said one of the most actively traded and its price rose VimpelCom's head of IR Valery Goldin in an by 40% on the first day. Opening at $20.50, the interview with Finance magazine.
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