As reported in the International Herald Tribune:
The oil company Rosneft said Friday that its initial public offering had raised $10.4 billion, but a court challenge in Britain from Yukos, a Russian rival, threatened to delay its market debut.
Rosneft said the IPO, priced at $7.55 a share, gave Russia's third-biggest oil company a market capitalization of $79.8 billion, exceeding that of Lukoil, the biggest producer. It said the capitalization could rise to $80.2 billion including an overallotment in the offering.
The court challenge from Yukos will seek to postpone Rosneft's listing on the London Stock Exchange, where Rosneft is set to make its trading debut on July 19. For more on that story, see this Moneycontrol India article.
Investors are shying away from the deal, as Rosneft's IPO seems fail on two counts: 1) it is very richly priced and, 2) it is shrouded in controversy due to the means by which it acquired its main asset, Yugansk. For more on this side of the story, see Reuters' article, "Rosneft's IPO too expensive and risky, say funds".
The oil company Rosneft said Friday that its initial public offering had raised $10.4 billion, but a court challenge in Britain from Yukos, a Russian rival, threatened to delay its market debut.
Rosneft said the IPO, priced at $7.55 a share, gave Russia's third-biggest oil company a market capitalization of $79.8 billion, exceeding that of Lukoil, the biggest producer. It said the capitalization could rise to $80.2 billion including an overallotment in the offering.
The court challenge from Yukos will seek to postpone Rosneft's listing on the London Stock Exchange, where Rosneft is set to make its trading debut on July 19. For more on that story, see this Moneycontrol India article.
Investors are shying away from the deal, as Rosneft's IPO seems fail on two counts: 1) it is very richly priced and, 2) it is shrouded in controversy due to the means by which it acquired its main asset, Yugansk. For more on this side of the story, see Reuters' article, "Rosneft's IPO too expensive and risky, say funds".