Russia May Have More Share Offering Flops, Renaissance Fund Director Says

(Bloomberg) -- Russia will have more ``unsuccessful''
initial public offerings after OAO Dixy Group and PIK Group sold
shares at lower prices than they targeted, said Natalia Ivanova,
the manager of the Renaissance Pre-IPO fund.

``This is only a start and we think there will be more of
those in the future,'' Ivanova said yesterday at a conference in
Moscow. ``The quality of Russian companies is not so high yet.
Some companies didn't meet expectations for their financial
performance after IPOs.''


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