Russia’s initial public offering hopefuls may still meet investors in the middle , days after carsharing company Delimobil put its plans to float in New York on ice. Meanwhile, software company Softline and insurance group Renaissance Insurance traded down after listing last month. Cian , a real estate group which popped 9% in its debut last week, is a rare recent success.
It’s a bad run, but the flops may ultimately prove helpful. It’s unsurprising that U.S.-based investors were cautious about Delimobil, given the lack of public groups to benchmark it against and a Russia-specific story.
And Mercury’s mooted $12 billion market capitalisation looked bold for a company which flogs mostly booze and tobacco, and whose chain suffered a run-in with tax authorities in 2019. Russian bankers in future will have more reason to make sure IPO hopefuls only come to market when they are ready, and that they are not too greedy. Nextdoor sets out stall as the anti-metaverse
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