Ruspetro an IPO in London, which earned 35% of its shares to $ 250 million in oil company would send funds to repay debt and development projects in Western Siberia. In general Ruspetro estimated at $ 676 million is below the expectations of the organizers of the IPO, but the high cost for companies with significant debt and low production.
Yesterday morning the book was closed bids for the shares of the independent oil companies Ruspetro, placed on the LSE. The official report of the start of trading the company has made in the evening. Ruspetro valued at $ 676 million (£ 441 million), or 134 pence per share, excluding debt of about $ 350 million conditional trading of shares of the company will begin today, and the principal - January 24. In placing part shares issued under the additional emission (about 59% of the share capital), in the end free float Ruspetro be "about 40%," the company said. In general, the placement Ruspetro managed to attract $ 250 million (£ 163 million). At the same time underwriters have an option to accommodate 10% of newly issued ordinary shares.
The first attempt IPO Ruspetro taken at the end of 2011, but then her interest in securities, investors have not caused. According to sources, "Y", close to the location, it was associated with a high debt load and mass protests in Russia against the election results to the State Duma. The estimate of the company, taking into account debt (about $ 350 million), prepared by the organizers of the placement, was approximately $ 800 million, the source says, "b", "but in the current situation with the level of debt and the markets a $ 676 million may also be considered successful." The organizers of the placement were Bank of America Corp., Mirabaud Securities LLP and Renaissance Capital Ltd. One of the interlocutors, "b" added that "because of the small number of investors IPO private placement was like." He estimated that 80% of the volume of transaction accounts "for about ten investors."
About $ 180 million, the proceeds from the IPO, Ruspetro refer to repay debt. The main creditors of the company - Sberbank and "Itera" company, in which in 2008 it acquired the license for three fields in the Khanty-Mansi Autonomous Area (East Inginskoe, Pottynsko-Inginskoe and Polyanovskoe) with total reserves of 22 million tons of oil. Ruspetro's investment up to 2015 is estimated at $ 529 million company is planning to build 27-km pipeline, drill a hundred holes. In 2011, production amounted to only Ruspetro 245 thousand tons of oil, but by 2015 is expected to grow to 3.5 million tons. The main shareholder is Ruspetro Limolinas, which, according to the interlocutors, "b" is controlled by the heads of MIPC Andrey Likhachev. Other major holders of securities are former executives of FGC Andrew Rapport and Alexander Chistyakov. Also shares Ruspetro have its management and Savings Bank.
Gazprombank analyst Alexander Nazarov said that investors have given a good price Ruspetro given its debt burden: the company has yet to fully work projects. At a comparable price, the expert, could acquire an asset with a much higher level of production. When investing in a company usually means are invested in growth, but the priority Ruspetro at the moment - this is the payment of loans, the analyst, so it is possible that in the foreseeable future, it will conduct a secondary public offering.
Yesterday morning the book was closed bids for the shares of the independent oil companies Ruspetro, placed on the LSE. The official report of the start of trading the company has made in the evening. Ruspetro valued at $ 676 million (£ 441 million), or 134 pence per share, excluding debt of about $ 350 million conditional trading of shares of the company will begin today, and the principal - January 24. In placing part shares issued under the additional emission (about 59% of the share capital), in the end free float Ruspetro be "about 40%," the company said. In general, the placement Ruspetro managed to attract $ 250 million (£ 163 million). At the same time underwriters have an option to accommodate 10% of newly issued ordinary shares.
The first attempt IPO Ruspetro taken at the end of 2011, but then her interest in securities, investors have not caused. According to sources, "Y", close to the location, it was associated with a high debt load and mass protests in Russia against the election results to the State Duma. The estimate of the company, taking into account debt (about $ 350 million), prepared by the organizers of the placement, was approximately $ 800 million, the source says, "b", "but in the current situation with the level of debt and the markets a $ 676 million may also be considered successful." The organizers of the placement were Bank of America Corp., Mirabaud Securities LLP and Renaissance Capital Ltd. One of the interlocutors, "b" added that "because of the small number of investors IPO private placement was like." He estimated that 80% of the volume of transaction accounts "for about ten investors."
About $ 180 million, the proceeds from the IPO, Ruspetro refer to repay debt. The main creditors of the company - Sberbank and "Itera" company, in which in 2008 it acquired the license for three fields in the Khanty-Mansi Autonomous Area (East Inginskoe, Pottynsko-Inginskoe and Polyanovskoe) with total reserves of 22 million tons of oil. Ruspetro's investment up to 2015 is estimated at $ 529 million company is planning to build 27-km pipeline, drill a hundred holes. In 2011, production amounted to only Ruspetro 245 thousand tons of oil, but by 2015 is expected to grow to 3.5 million tons. The main shareholder is Ruspetro Limolinas, which, according to the interlocutors, "b" is controlled by the heads of MIPC Andrey Likhachev. Other major holders of securities are former executives of FGC Andrew Rapport and Alexander Chistyakov. Also shares Ruspetro have its management and Savings Bank.
Gazprombank analyst Alexander Nazarov said that investors have given a good price Ruspetro given its debt burden: the company has yet to fully work projects. At a comparable price, the expert, could acquire an asset with a much higher level of production. When investing in a company usually means are invested in growth, but the priority Ruspetro at the moment - this is the payment of loans, the analyst, so it is possible that in the foreseeable future, it will conduct a secondary public offering.
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