Ferroexpo Set for Ukraine's Largest IPO

Ferroexpo, Ukrainian iron ore holding and majority shareholder in Poltava Iron Ore (PGOK: U/R), will close the books Thursday on its IPO of a 25% stake on the London Stock Exchange. Eugene Cherviachenko: The IPO news led to a speculative splash in demand for locally traded Poltava Iron Ore, which gained another 7% yesterday, after 8% the day before (39.1% YTD). There are concerns that the placement might be affected by a flare up in the conflict between Ferroexpo and VS Energy. The conflict extends back to 2001 when VS Energy sold a 40.2% stake in Poltava Iron Ore to Ferroexpo for USD 25 mln (recently the Donetsk Economic Court declared the deal invalid).