Global Legal Update (#05 May 2015)

German Financial Markets as New Financial Source for CIS-based Companies?

Dr. Roland Maass, Olexiy O. Oleshchuk

The vast majority of CIS-based entities, which want to raise capital abroad, went/go public in London and/or New York. So far only a few companies tried an IPO or a bond placement in Germany. One often hears as explanation that the infrastructure for CIS emigrants and their families is better in London and/or New York and that there are simply more CIS-based companies, so this is a standard and tested way to access the capital markets abroad.  Also, reference sometimes is made to other soft factors for families of the owners of such companies, like education offerings or “better shopping opportunities”. While all of these factors are certainly important and may play a role in determining which jurisdiction to select to tap the capital markets for only the first time, they should not be the only reason for an IPO or bond financing in a specific financial place. Below we will try to provide an overview on the conditions for going public in Germany.

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