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Rosneft Raises World's Biggest IPO, Yukos Threatened to Postpone it

YUKOS spokeswoman Claire Davidson said the company was seeking a temporary injunction to postpone the IPO

Russian firm Rosneft raised $10.4 billion in the world's fifth biggest initial public offering (IPO).

Rosneft said in a statement the company sold 1.38 billion shares at $7.55 apiece. That's near the maximum $7.85 a share the company sought. The sale gave the oil firm a market capitalisation of $79.8 billion, and the capitalisation may rise to $80.2 billion after an over allotment.

Oil companies ordered about 21 percent of the shares on sale, while foreign money managers bid for about 36 percent of the offering, the company said. Individual investors in Russia ordered about 4 percent of the stock, equivalent to about $420 million.

But Rosneft's IPO also faced a court challenge on Friday, as oil firm YUKOS mounted a last-minute bid to block the listing on the London Stock Exchange.

YUKOS spokeswoman Claire Davidson said the company was seeking a temporary injunction to postpone the IPO before Rosneft's shares make their market debut on July 19.

YUKOS has threatened a lifetime of litigation after its key unit Yugansk was seized and sold at an auction to pay for over $33 billion of back-taxes.