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Delays dampen Mongolia IPO excitement

Date: 18 Feb 2010

After the flotation of coal producer SouthGobi Energy Resources last month, observers were anticipating a raft of Mongolian IPOs to follow suit. But a lack of domestic infrastructure and investment has hurt the deal pipeline.

Keywords (click to search): [Mongolia] [IPO] [SouthGobi Energy Resources] [Sukhbaatar Batbold] [Dosbergen Musaev] [Eurasia Capital]

Aaron Pan
Excitement surrounding an anticipated wave of Mongolian IPOs is fading fast after the government pleaded for more time to upgrade its underdeveloped financial markets.

Following last month’s successful US$462 million flotation of Mongolian coal producer SouthGobi Energy Resources on the Hong Kong stock exchange, observers were expecting a raft of Mongolian IPOs to follow suit this year and beyond.

However, Mongolian Prime Minister Sukhbaatar Batbold said last week that the government would need “more time than we expected” to list state-owned enterprises, most of which hold the country’s much-coveted mineral assets, because it needs to develop its domestic...

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