News // Markets & Stocks
Russneft to float up to 20% of shares in IPO
15 November 2016 , 10:06Neftegaz.RU966
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.
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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