Corporates across Europe were left red faced this week with a string of disappointing IPO results: red faced with anger at their bankers and with embarrassment towards their investors. A number of deals were outright pulled from the market while others had to lower their price to finish the sales.
On Thursday, Russian fertilizer company Uralchem abruptly pulled its deal hours before it was due to price. This was followed by Spanish solar company T-Solar, which also pulled its offering. Essar Energy in London was forced to reduce its price to 420p a share from the targeted range of 450p-550p. Russian coal mining company KTK similarly cut its range from $7.70-$10.40 to $6.50- $7.50.