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Rosneft Begins IPO
28.06.2006 14:48
Rosneft Begins IPO

Rosneft kicks off its initial public offering (IPO) with a roadshow in London. The company speaks of strong interest from Asia and valuation of some $60-80bn.
      The Russian oil giant intends to raise up to $11 billion in the dual share sale in London and Moscow. The company has issued a 500-page prospectus featuring benefits and risks for potential shareholders.
      It wants to draw Western investors, in addition to Chinese and Indian corporations, who have already voiced their intention to consider a strategic stake. Meanwhile, the maximum bid is limited to just 2%.
      From here, the company management will travel to Germany, Sweden, the USA and then back to London. Many experts, however, are sceptical about the IPO referring to the company's history. It purchased its main producing asset, Yuganskneftegaz, the former Yukos operating arm, at an auction which many media have dubbed controversial.


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