Russneft IPO Demand Exceeds Offer By Over 30%

Reuters

MOSCOW, Nov 25 (Reuters) - Mikhail Gutseriyev, a co-owner of the Russian mid-sized oil company Russneft, said in a statement that the demand during the company's initial public offering (IPO) has exceeded offer by more than 30 percent.

Russneft has priced a share at 550 roubles ($8.52) during the placement, offering 20 percent of its ordinary shares or 15 percent of the share capital owned by the Gutseriyev's family.

The family has raised 32.4 billion roubles in the deal, which put Russneft market capitalisation at 161.8 billion roubles, the company said on Friday.

(Reporting by Katya Golubkova and Vladimir Soldatkin)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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