Russia - 06

Russia: Russneft’s IPO: Unrealistic Expectations

Mikhail Gutseriyev has unveiled plans for an IPO of Russneft, his chief oil company. Gutseriyev expects to sell a 10% stake in the company and hopes to raise $500mn for it. He has also suggested that the sale will be a Russian transaction. Notably, no foreign banks are involved in the IPO: Gutseriyev’s own Bin-Bank will act as lead manager for the placement, and the sale will take place on the Moscow Stock Exchange.

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