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Russian companies raised a record $31 billion from initial and secondary
Russian companies raised a record $31 billion from initial and secondary public offerings (IPOs/SPOs) in 2007, the Moscow Inter-Bank Currency Exchange (MICEX) said on Tuesday.

A survey, Russian IPO/SPO Market in 2007, prepared by the MICEX Stock Exchange, said that Russian companies made an increasingly larger number of share offerings on the domestic market.

"The Stock Exchange registered considerable growth in share offerings on Russian trading floors largely due to increased liquidity of the Russian market and growth in the asset value of Russian institutional investors," the survey said.

According to the survey, Russian trading floors accounted for about 38% of total share offerings worth $17 billion compared to $1.2 billion in 2006.

The sectoral structure of share placements also underwent considerable changes: "Russia's modern stock market is shifting, along with the economy as whole, from a raw material basis to greater diversification."

Financial, electric power companies and developers were beginning to dominate the structure of share offerings, the survey said.

According to an IPO survey presented by Ernst & Young in 2007, Russian firms raised $18 billion in 2006.


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