"If the NBU continues its stringent monetary policy, the rise in the interest rates on short-term hryvnia deposits of up to three months will increase by 1-1.5 percentage points and loans will become more expensive for borrowers," says Anastasia Tuyukova, an analyst at Dragon Capital.

Brian Best, head of investment banking at Dragon Capital, which acted as lead manager on the IPO, told the Kyiv Post that in the final stages of the IPO process the company found itself at a crossroads, knowing that better market conditions would allow it to raise more money. In retrospect, however, the company was satisfied it hadn’t stalled, he added.

Dragon Capital, a leading investment bank based in Kyiv, said investment options for Ukrainians are limited. They can not invest abroad without special permission from the National Bank of Ukraine.

At the top of the list comes DTEK, Ukraine’s largest private energy company, which is controlled by President Viktor Yanukovych’s longtime backer Rinat Akhmetov, through his System Capital Management holding. The vast and potentially highly profitable energy producer, whose operational chain runs from coal extraction to electricity distribution, was assessed by Dragon Capital, a Kyiv-based investment bank, as “one of the best prepared Ukrainian companies to go public” through an IPO on a major foreign stock exchange, such as the New York Stock Exchange.

Dragon Capital, a leading investment bank based in Kyiv, said investment options for Ukrainians are limited. They can not invest abroad without special permission from the National Bank of Ukraine.

Eight out of Kyiv-based Dragon Capital’s 15 hot stock picks are in food and agriculture, Ukraine’s historical specialty.

As Olena Bilan, chief economist of Dragon Capital said, without taking into consideration of the government bonds issue, at the expense of which the government intends to attract USD 2.2 billion (USD 1.5 billion for recapitalization of Naftogaz of Ukraine, USD 0.6 billion - for support of the Agrarian Fund and USD 0.1 billion - for recapitalization of state-run energy companies), the planned needs of the state on internal and foreign borrowings in 2012 will make up USD 9.1 billion (-16 percent year/year).