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Russneft to announce IPO price range on November 18 — source

November 14, 2016, 17:48 UTC+3 MOSCOW

Russneft ranks among ten largest Russian oil companies by crude oil production

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MOSCOW, November 14. /TASS/. Oil company Russneft is going to announce the launch date for the IPO and a price range on November 18, a source familiar with the situation told TASS.

"This week there will be a meeting with investors. On Friday, they will announce beginning of the placement and price targets," the source said.

It was reported earlier that Russneft holding - Belyrian Holdings Limited - decided to launch an initial public offering (IPO) of ordinary shares of Russneft on the Moscow Exchange.

"It is expected that the offering shall comprise up to 20% of the total ordinary shares of the company, which corresponds to approx. 15% of the company’s charter capital," according to the company’s statement. The company’s IPO planned for the Q4 of 2016.

Glencore plc provided lock-up arrangements for 180 days from the date of signing on October 31, 2016.

VTB Capital and Sberbank CIB are acting as Joint Global Coordinators and Joint Bookrunners of the Offering. Aton and BCS are acting as Joint Bookrunners of the Offering.

"Listing on the Moscow Exchange would allow Russneft to gain access to equity markets and would allow the Company to improve transparency and quality of its corporate governance as well as strengthen Russneft's investment case. We believe that upcoming IPO would attract a wide range of investors, providing them with an opportunity to invest in a growing and independent oil company," Mikhail Gutseriev, Chairman of the Board of Directors, commented on the news.

Russneft ranks among ten largest Russian oil companies by crude oil production in Russia. Russneft possesses a well-balanced asset portfolio located in key Russian oil provinces (West Siberia, Volga Urals and Central Siberia) as well as international assets in Azerbaijan.

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