Morgan Stanley, has pulled out as co-lead bank to the $1.5bn (€1.2bn) initial public offering of Cherkizovo, Russia's largest meat processor, after a row over valuation. The bank was ranked joint lead with Credit Suisse in Russian equity capital markets last year.

Morgan Stanley quit the issue after Cherkizovo's management chose to follow a valuation based on separate research produced by co-lead bank Renaissance Capital and Troika Dialog, which has a junior role on the deal.