Renaissance cuts its teeth on a meaty deal

摘要

The flotation of a 28% stake in Cherkizovo, Russia's biggest meat-producing company, nearly ended in disaster when Morgan Stanley pulled out of the management team on the eve of the initial public offering (IPO). Renaissance Capital, a domestic Russian investment bank, was left in the driving seat and, despite investors' jitters and a frothy market, it managed to place the stock successfully in the first ever IPO on the London Stock Exchange managed exclusively by a local Russian bank.