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Comment by Boris Kvasov, director, equity capital markets at VTB Capital, for Bloomberg

25 November 2016
Chinese Fund Bought Russneft Shares in IPO: VTB Capital

About 20% of demand for shares came from foreigners, Boris Kvasov, director of equity capital markets at VTB Capital, told reporters in Moscow.

  • Didn’t identify Chinese fund
  • Russneft IPO attracted more than 2,000 bids, most came from retail investors
  • Retail investors’ bids constituted ~10% of value of bid book, rest came from institutional investors, mostly Russians
  • Demand exceeded supply by 30%
  • Non-state pension funds couldn’t participate in IPO by law because sale involved existing shares
  • Europlan IPO “in the works”
  • NOTE: Russian Billionaire Said to Raise $502 Million in Russneft IPO

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