Russia’s RussNeft raises IPO price range to 540–600 rbl/share

MOSCOW, Nov 24 (PRIME) -- Russian oil company RussNeft has raised the price range for an initial public offering (IPO) to 540–600 rubles per share from 490–600 rubles, the company said in a statement on Thursday.

The new price range corresponds to the market capitalization’s range of 159–176 billion rubles.

Book building will finish on Thursday, and the start of trading in the shares will be announced on Friday, the company said earlier.

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.

(64.0087 rubles – U.S. $1)

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