Английский язык. Практический курс для решения бизнес-задач

Exercise 3*. Fill in the blanks using terms given below.

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 featured so prominently in the global……. markets? Who would have thought that Sistema and EvrazHolding would become…….. names in international investment circles?

A look at the figures shows just how dramatically Russian equity……. have grown in the last two years – a period in which investors have been inundated with…….. coming out of Russia. Market………were clearly right. With developed equity markets generally in decline, investors became willing to look further afield for attractive…….. With the Russian economy growing rapidly, politics stabilizing, and more companies embracing higher standards of……… and corporate………., Russia seemed like a good bet. Looking at the returns that the majority of the Russia and Eastern Europe-dedicated…….. have boasted in the past two years, it becomes even clearer just why investor demand for new Russian issues has been so strong, and why in turn so many companies from the region have decided to go……..

While raising capital was certainly one of the factors driving Russian IPOs, in many cases the need to raise……. finance was secondary. The status and…….. which comes with a public….. influenced some companies. And there is also the idea that…….. foreign investors gives Russian companies a degree of political protection at home.

A key driver for rising investor demand has been a notable desire on the part of investors to diversify their Russia……… away from politically risky resource stocks and into more dynamic, rapidly growing…….. companies. It was this voracious appetite for new, liquid stocks offering……… to Russian growth which made the Sistema IPO such a resounding success, and which paved the way for numerous other consumer-oriented companies – from automotive to internet to food & beverage – to make their capital markets debuts in 2004—2005.

Many of the consumer companies which followed Sistema also found strong investor……… although not all achieved the high……… initially projected. A number of investors considered some of the Russian IPOs to be……… too aggressively.

While……… and exposure to consumer growth describe much of the recent investor interest in Russian equities, it has not all been about the consumer story. Lest we forget, resource companies still have the heaviest…….. in the indexes, and many domestic and foreign portfolio investors are still willing to invest in the enticing if less predictable «strategic sectors». Novatek’s recent London IPO at the end of 2005, which was 12 times……… bears witness to this.

VimpelCom’s IPO profile

VimpelCom’s listing on the…… in November 1996 was Russia’s first ever IPO in any form. The company…….. at the top of the announced price……, which was increased in response to strong demand from $15.75—$18.75 to $19.50—$20.50 the day before the IPO. The stock was one of the most actively…….. and its price rose by 40% on the first day……… at $20.50, the VimpelCom ADSs……. at $29. By the end of 1996 the stock was up 50% from its……. price. The structure of the offer comprised 3.9 million ADSs offered to investors in the U.S. and Canada, while 1.5 million ADSs were offered…….. «Everyone knows that the cellular business is the most dynamic, so the combination of Russia and telecommunications just hypnotized investors,» said Valery Antonov, a telecommunications…….. with Creditanstalt Grant.

The success of VimpelCom’s IPO depended on the results of Russian president Boris Yeltsin’s cardiac surgery, which was carried out during the……… «Nobody would buy Russian………. in a situation of complete uncertainty of the country’s further political line,» said VimpelCom’s head of IR Valery Goldin.

«Russia’s leading cellular telephone company, Vimpel-Communications A.O., is set for a roughly $90 million IPO as the first Russian company to be listed on the………. VimpelCom, as the company is known, is also a case study of……. political connections into cash in the Wild West business atmosphere of today’s Russia.»

Wimm-Bill-Dann IPO profile