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Комментарий Бориса Квасова, директора, управление рынков акционерного капитала ВТБ Капитал, для Global Capital

25 Ноября 2016
GlobalCapital
RussNeft rises 1.5% after $500m Moscow float

RussNeft, the Russian oil company controlled by Mikhail Gutseriev, has completed its oversubscribed Rb32.3bn ($502m) IPO on the Moscow Exchange.

The deal, led by VTB Capital and Sberbank, was priced at Rb550, towards the bottom of the revised range of Rb540 to Rb600 given on Thursday. At that price, RussNeft achieved an initial market cap of Rb161.8bn ($2.5bn).

Belyrian Holdings, an entity controlled by the Gutseriev family, sold 58.8m existing shares in the company, corresponding to a 20% stake and 15% of its charter capital.

“It was a success for the company, selling shareholder and bookrunners,” said Boris Kvasov, director, equity capital markets at VTB Capital in Moscow. “We saw oversubscription by over 30%. Most of the demand came from Russian institutional investors as the transaction was primarily focused on the domestic investor base.”

"Up to 10% of the demand came from retail investors,” Kvasov added. "Atthe same time we saw international demand from investors in Europe and Asia, which was about 20% of the book.”

The shares are not clearable through Euroclear, but foreign investors were able to place orders if they had a direct account at the Russian securities depository, or via their custodian.

On Friday, RussNeft closed at Rb558, up 1.45% from its offer price.

The Rb32.3bn in proceeds is consistent with what Gutseriev talked about raising in the summer. The funds will be used to reduce RussNeft’s leverage and to finance strategic acquisitions in the future.

"The IPO and listing of shares on the Moscow Exchange is a significant milestone of RussNeft’s development. We are pleased by the breadth of investor interest in Russneft’s IPO,” said Mikhail Gutseriev, owner of RussNeft, in a statement on Friday. "Apart from institutional investors, retail investors demonstrated active participation with over 2,000 orders placed during the IPO.”

Following the IPO, the Gutseriev family continues to control 47% of the share capital and 60% of the charter capital. Glencore has 33% of the shares and 25% of the charter capital while the remainder is public.

RussNeft says it is one of the 10 largest Russian oil companies, with proven reserves of 200m tons. Last year it made Rb105bn ($1.6bn) of revenue and produced 7.9m tonnes of oil, about 160,000 barrels a day. It operates oil fields across Siberia and the Urals, as well as international assets in Azerbaijan.

Aton and BCS acted as joint bookrunners on the IPO. EFG Asset Management and IT Invest were co-leads. MDM Bank was a broker.

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