Support The Moscow Times!

No IPO For Gazprombank in 'Foreseeable Future'

Gazprombank is not planning an initial public offering in London for at least the foreseeable future, two sources connected with the bank said Monday.

The news follows a London newspaper report that the financial arm of gas monopoly Gazprom is seeking to list about 25 percent of its equity in the next few months, but one of the sources said the suggestion was "absurd."

The second source said the "foreseeable future" meant at no time in 2010.

The bank declined comment.

The speculation surrounding Gazprombank comes amid a cascade of Russian companies seeking to take advantage of the recovery in financial market conditions and go public.

Representatives from major banks including Nomura and Credit Suisse told a recent IPO conference in Moscow that Russian firms could raise a minimum of $5 billion from 2010 flotations — not including the $2.5 billion already raised by aluminum giant United Company RusAl in Hong Kong.

A $5 billion figure would be up from just $0.1 billion last year but well below the $21 billion peak in 2007.

The IPO market has been heating up across Europe, but investors have yet to show clear signs that they are as enthusiastic as the bankers trying to get the deals away.

… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Continue

Read more