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26 Jun, 2006 07:22

Rosneft begins final step in going public

Rosneft begins final step in going public

The Russian energy company Rosneft says it has already received applications for a sizeable portion of shares, with major market players applying for stock priced between $U.S.5.85 and $7.85.

After setting a minimum bid of 15,000 roubles (about $550) for shares, it is expected there will be plenty of interest. Analysts are tipping it could reap Rosneft upwards of $10 billion.

The listing is generating significant interest among individual investors – not just the ultra rich, but among ordinary working people who can pick up application forms for shares at local banks.  The listing is likely to see a significant boost in the number of shareholders in Russia, many of whom will be first time shareholders.

For them, as well as veteran investors, the success of the listing will be determined initially by the listing price.

Investors will have two weeks to consider their applications, closing on July 10. After this, the company will allocate shares. Once the company is listed, the ranks of Russians paying attention to stock and global oil prices is likely to leap.