rus eng
Mailing subscribe




Outcomes from conferences



Results of researches

The company “Dagda” is a research company, established in Ukraine to serve the interests of investors and issuers. Our largest clients are stock exchanges, investment banks, auditing and law firms of the EU, USA and Asia-Pacific region. Our researches are available to investors through the media partners in Russian and English in more than 120 countries around the world. Our regular financial conferences serve as effective platforms for the exchange of views between professionals as well as for initiating dialogue on attracting the investment of all interested sides.

The record delayed demand for IPO is fixed in Ukraine


Изображение 1
19-03-2013

March 19, at 14-00 the press conference dedicated to the IPO market for Ukrainian companies was held in the press-centre of IA «LIGABusinessinform».

The press conference was attended by:

 

Vitaliy Shapran, Head of the consulting and expert council of the Company DAGDA, member of the Ukrainian Society of Financial Analysts.

 

Andrey Dubetskiy, Head of the representative office of Warsaw Stock Exchange in Ukraine

 

Pavel Mishustin, Director of the department of the investment and banking services of the Investment company «Altana Capital»

 

Download the final press-release in DOC-format

TV-short, from the press conference 

March 19, the Company DAGDA summarized the results of the regular research «IPO from А to Z: Guidebook of the issuer». The guidebook is oriented on the Ukrainian, Russian and Kazakh companies, which want to raise capital through IPO and SPO in the international markets. In 2013, the investment partner of the project is Investment Company "Altana Capital", also participated Warsaw Stock Exchange (Poland) and Singapore Exchange (Singapore) in the project. 

The main results of the research indicate that in the Ukrainian market there is a significant delayed demand of raising capital through initial offering of stocks as a result of the almost year and half pause. In total, the 20 Ukrainian companies in 2012 announced IPO of approximately USD 2,5 bn in the foreign markets. The 11 companies from among the 20 companies announced their intention to offer stocks in the Warsaw Stock Exchange. 

The company appreciates the recent initiatives of NSMSC that resulted in the admission of foreign issuers with business in Ukraine to listing on the Ukrainian Exchange. The emergence of this option in the market at the same time will result in the revival of the Ukrainian stock market, and in the improvement of liquidity in the markets of shares of issuers with business in Ukraine, which are traded on foreign exchanges. Most likely, it is the regulator's decision will be the beginning of a new round of IPO-activity among companies with business in Ukraine.

The company DAGDA also appreciates the prospects of Ukrainian issuers to raise capital in Warsaw. The incident of discontent with a number of Ukrainian companies by pension funds in mid-2012 was exhausted. In the second half of 2012 the Company fixed the growth of the proportion of Polish private pension funds ING Otwarty Fundusz Emerytalny and Aviva BZ WBK in the capital of the “Ukrainian” companies. Despite a reduction in deductions to pension funds in Poland, they are still important investors in the Polish capital market and continue to invest in the companies with the business-projects in Ukraine.

 

Global OTC markets

In 2013, the company DAGDA recommends the Ukrainian business to pay attention to the possibility of raising capital through the OTC market in the United States. Excellent conditions for companies with a market capitalization of USD 5 mln to raise capital are offered by OTCQX, OTCQB and OTC Pink. In 2012 about 19000 transactions a day were performed on platforms of OTC Markets Group, attended by approximately 90 permanent market-makers, about 2000 issuers were traded there, and the average daily trading volume was approximately USD 560 mln. At the same time, the requirements to the issuers on the OTC platforms were minimal and quite feasible by most companies from Ukraine.

The fastest way to enter international capital markets for Ukrainian companies remained the issue of American and Global Depositary Receipts. At the beginning of 2013 all the world there were registered 3694 issues of Depositary Receipts, of which about 2000 came from The Bank of New York Mellon. As of the beginning of 2013 there were 75 active depositary programs of Ukrainian issuers. In 2012 the depositary programs were registered by the bank “Forum”, Megabank and by the companies KSG Agro and TMM Real Estate Development.

 

Global stock markets

The volume of IPOs in the world for the year 2012 was fixed at the level of USD 117.38 bn, which was by 28.35% less than in 2011. The biggest losses in the amounts were incurred by the EMEA regions (Europe, Middle East, Africa) – -54,5% and the Asia-Pacific region – -52,4%. The increase in IPO volumes was shown by Japan, Australia and USA. The feast to investors was spoiled by the debt crisis in the EU and a significant downturn of the activity in the Asian capital markets. For the first time over the last 3 years the Chinese stock exchanges yielded the palm to NYSE Euronext and the Canadian TMX Group by the volume of IPOs. Due to the bad market conditions the Chinese authorities postponed the admission of foreign issuers on markets in Shenzhen and Shanghai for an indefinite period.

 

The EMEA markets (Europe, Middle East, Africa) in 2012 contributed just USD 17,4 bn to the overall global volume of IPO, whereas in 2011 this figure exceeded USD 38 bn, and in 2010 – USD 43 bn. Thus, the countries of this region still didn’t return to the pre-crisis level by IPO volume and clearly demonstrated a considerable decrease in the volumes of offering. That is how the market reacted to the debt crisis. The largest IPO/SPO of the region in 2012 was offering of shares of UniCredit SpA, Credit Suisse Group and Banco Popular Espanol SA. Through SPO these banks performed additional capitalization, in fact having moved to the back the new public companies, performing IPO. In 2012, IPO in the EMEA region accounted for 18% of total volume of offering (IPO and SPO), and this is one of the lowest indicators in the last 5 years. Due to such a market specifics in 2012, only BME Spanish Exchanges from the EU stock exchanges was included into the TOP-20 stock exchanges by volume of IPO. The global TOP-20 of exchanges in 2012 didn’t include: the Polish Warsaw Stock Exchange (occupied the 28 place), the German Deutsche Börse (occupied the 21 place), Singapore Exchange (the 22 place) and the Swiss SIX Swiss Exchange (the 23 place). 

However, in the region of "Central and Eastern Europe» Warsaw Stock Exchange was still the number one stock exchange in terms of IPO volume. In 2012, IPO of USD 1,167 bn was carried out on the WSE, total volume of IPO and SPO amounted to USD 2,547 bn. Annual volumes of IPO, performed on WSE in 2012, were approximately comparable with the delayed demand on the part of Ukrainian issuers.  

 

More detailed information about the research «IPO from А to Z: Guidebook of the issuer» can be found on the site of the company «DAGDA» - www.dagda.com.ua

Internet projects



Info-partners



TV partners