Report: Russia’s RussNeft placing shares at 550 rbl per share

MOSCOW, Nov 25 (PRIME) -- Russian oil company RussNeft is placing shares under its initial public offering (IPO) at a price of 550 rubles per share, Bloomberg reported late Thursday citing a source familiar with the matter.

RussNeft earlier raised the IPO price range to 540–600 rubles per share from 490–600 rubles, corresponding to the market capitalization’s range of 159–176 billion rubles.

The final price and the start of trading in shares on the Moscow Exchange is expected to be announced later on Friday.

On November 14, RussNeft said that Belyrian Holdings Limited, owned by members of the Gutseriyev family, plans to float up to 20% of common shares of the oil company on the Moscow Exchange, which accounts for about 15% of the company’s charter capital.

According to RussNeft’s materials, Belyrian Holdings and its affiliate own 75% of the charter capital in the company, or 67% of the common stock, while the remaining part is owned by oil trader Glencore Plc and its affiliates.

(64.6279 rubles – U.S. $1)

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