Russia, CIS See No IPOs in Q4 '08

Companies in Russia and the Commonwealth of Independent States had no initial public offerings in the last three months of 2008, the first quarter without any sales since 2004, communications company PBN said Wednesday.

Sales fell from 11 new offerings raising $8 billion in the same period in 2007, PBN said in a report. As many as 120 companies in Russia and the CIS plan to sell shares in the next five years, after cancellation or postponement of 43 IPOs in 2008.

"Given the drastic decline in equity market activity worldwide, it is not surprising that companies ... have chosen to bide their time," PBN chairman Peter Necarsulmer said in a statement.

Fertilizer producer Acron raised $2.7 million in London and Moscow in the only IPO during the second half of last year, the report said. There were seven IPOs from the region, raising $1.7 billion in 2008, compared with a record $34.3 billion in 2007.