UPDATE: Gutseriyevs to float up to 20% of Russia’s RussNeft common stock

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MOSCOW, Nov 14 (PRIME) -- Belyrian Holdings Limited, beneficiary owned by members of the Gutseriyev family, plans to float up to 20% of common shares of Russian oil company RussNeft on the Moscow Exchange, which accounts for about 15% of the company’s capital, RussNeft said in a statement Monday.

A source familiar with preparations for the IPO told PRIME that book building will be launched on November 21. “Book building of RussNeft’s IPO is planned to be launched next Monday,” the source said.

VTB Capital and Sberbank CIB act as co–global coordinators and co-bookrunners of the initial public offering (IPO), while investment companies Aton and BCS act as co-bookrunners, EFG Asset Management and ITinvest act as co–lead managers, and Lecap acts as a legal consultant.

The IPO is scheduled for October–December and envisages the sale through the Moscow Exchange. RussNeft and Belyrian Holdings Limited plan to undertake liabilities to prohibit new issues and sales of shares in 180 days after the IPO.

On November 1, Alexander Lukin, chairman of the management board of B&N Bank, said that RussNeft plans to close the bidding book for the IPO of 10% of its shares until the end of November to raise U.S. $450–500 million.

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