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| trading on the Ukraine Exchange, up nine times over 2009 |
A senior banker in Ukraine reckons there might be up to 10 equity deals over the next 11 months. If so, 2011 would be one of the most active years for Ukrainian issuance. If the market did see that many deals it would build on the steady flow of transactions out of the country over the past three years.
Last year seven Ukrainian equity deals were launched, according to Dealogic, compared with five in 2009 and eight the year before. "We may see between five and 10 deals in the next year," says Andriy Dmytrenko, director of equity sales at Dragon Capital, one of Ukraine’s leading brokerages.
With the local market small, some companies might seek listings in either London or, especially, Warsaw, continuing a trend that has developed intermittently over the past few years. In December, dairy producer Milkiland undertook its IPO on the Warsaw Stock Exchange, in a $70 million deal that was underwritten by UniCredit. Milkiland’s IPO follows previous listings in Warsaw by fellow agricultural companies Kernel in 2007 and Astarta Holding in 2006.