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News // Markets & Stocks

Russneft to float up to 20% of shares in IPO

15 November 2016 , 10:06Neftegaz.RU606

Russneft reported on November 14, 2016, that the company plan to float up to 20% of ordinary shares in an initial public offering (IPO) by the end of the year.

 

Mikhail Gutseriyev controls 75 % of Russneft's share capital, or 67 % of all ordinary shares, while the rest belongs to Swiss-based commodities trader Glencore.

Russneft’s head first spoke about a possible flotation of part of his stake in June, when he said he might offer 10 percent of his family’s holding in the company on the Moscow stock exchange.

 

The stake the family plan to sell on the Moscow Exchange accounts for 15% of Russneft’s overall share capital. It also includes preferred shares, the company said in a statement.

The initial public offering is being arranged by Russian banks VTB and Sberbank, and brokers Aton and BCS.

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

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