By November 14, 2016 0 Comments Read More →

Russneft shareholder to float up to 20 per cent of shares in IPO

russneft

Russneft IPO will be offered by the end of 2016 according to the mid-sized Russian oil company. Company photo.

Russneft IPO price to be announced on Nov. 25

MOSCOW, Nov 14 (Reuters) – Russian tycoon Mikhail Gutseriyev and his family plan to float up to 20 per cent of ordinary shares in mid-sized oil company Russneft in an initial public offering (IPO) by the end of 2016, Russneft said on Monday.

The stake that Gutseriyev and his family plan to sell on the Moscow Exchange accounts for 15 per cent of Russneft’s overall share capital, which also includes preferred shares, the company said in a statement.

A pricing range will be announced on Nov. 18, a person close to the company and market sources told Reuters. The actual IPO price will be announced on Nov. 25, one of the sources said.

Russian lenders VTB, Sberbank CIB as well as brokerage firms Aton and BCS will organise the IPO.

The Gutseriyev family controls 75 per cent of Russneft’s share capital, or 67 per cent of all ordinary shares, while the rest belongs to commodities trader Glencore.

(Reporting by Katya Golubkova and Olga Popova; Editing by Andrey Ostroukh and Adrian Croft)

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