UPDATE 2-RusPetro raises $250 mln in IPO boost for London

Wed Jan 18, 2012 4:40pm GMT
 

* Will be first main market London IPO of 2012

* Oil explorer to be first Russian IPO since last July

* Deal will value RusPetro at $676 mln

* Amount raised is bottom of $250-$350 mln range

By Megan Davies

MOSCOW, Jan 18 (Reuters) - Oil producer RusPetro will bank $250 million from its London listing, the company said, defying choppy market conditions that have put paid to sizeable flotations in Europe since the summer.

Deepening concern over the euro zone debt crisis in the past six months has sent investors running for cover and forced most companies to put on ice their plans for initial public offerings (IPOs) -- considered the riskier end of the share sale spectrum.

Ruspetro, which will be London's first main market IPO since Ophir Energy last July, spent December and January canvassing investor interest before launching a one-day bookbuild on Tuesday.

Conditional trading of the shares is due to begin on Thursday and unconditional trading on January 24. The UK-based company, which has its main assets in western Siberia, will be listed under the ticker.   Continued...

Market Update

  • Africa
  • US
  • Europe
  • Asia
UK £ USD =1.6027
Euro USD =1.2662
Rand USD =0.0914