African IPOs undeterred by commodities rout - law firm

African companies are likely to launch more than a dozen initial public offerings (IPOs) this year, defying commodity price drops and capital flight from emerging markets, international law firm Baker & McKenzie said on Monday.

If transactions in the pipeline are concluded they are likely to raise $3.1 billion, some $1.5 billion more than was raised by last year's 21 IPOs on the continent, said Baker & McKenzie, a leading law firm by deal count for mergers and acquisitions in emerging markets, in a statement.