Promsvyazbank defers IPO

According to business daily Vedomosti (16 October 2012), Promsvyazbank has decided at the last minute to cancel its planned IPO in Moscow and London. the Bank had planned to sell 20 per cent for its shares, hoping to raise up to USD 415 million.

However, the IPO attracted little interest, with investors suspicious about the actual value of the shares offered by the bank.

Promsvyazbank President Artem Konstandian claims that the bank pulled out owing to the low price range and owing to the sudden appearance of foreign investors interested in private placements.

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