But according to investment boutique Renaissance Capital, the IPOs in the pipeline span many sectors.
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Despite those challenges, Renaissance Capital is upbeat on the state of the IPO market looking ahead.
"This is a trivial amount from a Russian macro perspective, " said Ivan Tchakarov, Renaissance Capital's chief economist.
Linda Killian, portfolio manager at Renaissance Capital, expects the Internet to dominate the IPO market again in 1999.
In the last two years 392 companies went public, according to Renaissance Capital, and 71% of them were profitable.
"The company is a lot more profitable than we thought, " said Kathleen Smith, principal of IPO investment advisory firm Renaissance Capital.
U.S. IPO issuance in 2008 and 2009 was lower than any period since the 1970s, according to a Renaissance Capital report.
Renaissance Capital, which compiles data on IPOs, counted 31 filings in April, the most for a single month since August 2007.
That was the highest proportion in any year since at least 2004, according to Renaissance Capital, an IPO research and investment-management firm.
Of those 12 U.S.-listed Chinese IPOs in 2011, performance is down an average 23%, according to Paul Bard, vice president at Renaissance Capital.
The latest figures from IPO research firm Renaissance Capital show only 33 IPOs filed, down 26.7% from the first quarter a year ago.
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Kim Iskyan of Renaissance Capital, who has written a new study of the banking system, believes that without reform another crisis is inevitable.
As Roland Nash, of Renaissance Capital, a Moscow investment bank, notes, the Russian government's budget will, even so, be much smaller than Morocco's.
The first of these to strike a deal was Renaissance Capital, a high-profile western-style investment bank with a strong corporate and international client base.
Speaking at a recent conference on investment in Russia sponsored by Moscow's Renaissance Capital, she cautioned against becoming too lax in any analysis of Russia.
Analysts at Renaissance Capital believe the IPO market in Russia and other CIS states will explode this year after a two year lull in activity.
January saw 11 offerings, according to Renaissance Capital in Greenwich, Conn.
However, the rumoured size of the stake, 25% plus one share, is a tricky one to manage, says Adam Landes at Renaissance Capital, an investment bank.
"It's a return to the glorious past of distributing pretty much every dollar they earn, " said Adam Landes, oil and gas analyst at Renaissance Capital bank.
Adam Landes, director of oil research at Moscow-based Renaissance Capital, said Lukoil was unlikely to get a new deal on the same terms as last time.
But, perhaps to take some of the heat off, Khmelnytsky recently reduced his ownership to 10% from 25%, says Renaissance Capital, a Moscow investment bank, citing local sources.
Paul Bard, vice president at IPO research firm Renaissance Capital, told Forbes in December that he expected Zoetis to be one of the best and biggest new offerings of 2013.
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Richard Hainsworth of Renaissance Capital, a Moscow investment house, estimates that Russians still keep anywhere from half to nearly twice as much money under their mattresses as they do in the bank.
Eduard Faritov, an analyst at Renaissance Capital, an investment bank, thinks that Russians will be buying nearly 5m new cars a year by then, and 80% of them will be foreign brands.
Paul Bard, a vice president at Renaissance Capital, says the recent tilt toward unprofitable companies is not as bad as it looks because a lot of these young companies will soon begin turning profits.
According to Renaissance Capital , more than 60% of the 125 deals that debuted went public in the first half of the year as the final six months saw many companies postpone or cancel their offerings.
Renaissance Capital estimates there are 50-60 companies with active filings that could pull the trigger once the calendar turns to 2013, and Bard says there could be at least twice that many when including confidential filers.
Such insecurity led Moscow-based Renaissance Capital to issue a statement assuring customers that none of their money invested with Renaissance Securities (Cyprus) Ltd. are actually held in Cyprus and would therefore not be affected if the proposal is passed.
Technology stocks remained at the fore, with Internet security firm Qihoo 360 Technology leading the way and returning 104%, thanks in large part to the best first-day pop (134%) since fellow Chinese company Youku.com leaped 161% when it debuted Dec. 8, according to Renaissance Capital.
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