19/07/2006 The London Stock Exchange is pleased to welcome Rosneft to the Main Market.
19 July 2006
The London Stock Exchange is pleased to welcome Rosneft to the Main Market.
Rosneft is one of the world’s largest oil companies in terms of proved oil reserves with upstream and downstream operations located principally in Russia. The company operates eleven oil and gas producing enterprises across Russia as well as a portfolio of exploration projects located in strategic areas including Russia’s Far East, Eastern Siberia, the Black Sea and the Caspian Sea.
Rosneft has issued GDRs in London, to professional investors, which will be traded on the International Order Book. Shares in Rosneft were priced at USD 7.55, giving a market capitalisation of approximately USD 79.8 billion at admission, making Rosneft the second highest ranked Russian company in terms of capitalisation. At the Offer Price, the offering was oversubscribed by a factor of approximately 1.5, with demand standing at around USD 15 billion, being the largest number ever recorded among Russian public offerings.
Sergei Bogdanchikov, The President of Rosneft, said:
“We are delighted that the global offer has been so well received and we welcome our new shareholders. We are pleased to be listed on the Main Market of the London Stock Exchange and look forward to starting life as a public company and to delivering value to our shareholders.”
ABN AMRO Rothschild, Dresdner Kleinwort (the investment banking division of Dresdner Bank AG), J.P.Morgan Securities Ltd., and Morgan Stanley & Co. International Limited acted as Joint Global Coordinators for the offer.