Oil in exchange for medicine
The IPO market is starting to grow for the second time this year. Thus, the Bloomberg IPO index grew by 13% over the week, and the profitability of the leaders of the initial public offering market also increased slightly. But investors are selective.
IPO market players pinned their brightest hopes on the appearance of the Indian pharmaceutical company DR Reddy`s Laboratories on the market. A group of the largest underwriters - Merrill Lynch, ABN AMRO Rothshield and Credit Lyonnais Securities - raised $115 million for the company. However, its stock quotes remained unchanged after the listing on the New York Stock Exchange, while shares of the medical corporation Select Medical Corp. grew by 17% (the company appeared on NASDAQ a week ago). However, investors are not entirely confident in the company's prospects in the American market, fearing obstacles from US pharmaceutical licensing authorities.
But the securities of oil companies are rising in price quite steadily. Chinese CNOOC, whose shares are currently quoted 15% above the placement price, was joined a few days ago by the pipeline concern Shamrock Logistic, whose shares rose by 18% during the day.

Newspaper "Kommersant" No. 66 dated April 13, 2001, p. 8