RusPetro to Gauge Demand for $300 Million London Initial Offer
RusPetro Plc, an oil and gas company with its main assets in Russia, will start gauging investor demand for its $300 million initial public offering in London tomorrow, according a sales document obtained by Bloomberg News.
All shares being sold in the IPO will be primary, the terms show, meaning the company will receive all the proceeds from the sale. The managers for the offering, Bank of America Corp. (BAC), Mirabaud Securities LLP and Renaissance Capital Ltd., are scheduled to start taking orders on Dec. 7, the terms show.
RusPetro is pressing ahead with its share sale as IPOs came to a near standstill in western Europe amid the region’s sovereign debt crisis. About $1.3 billion has been raised since August, compared with $10.7 billion in the same period last year, according to data compiled by Bloomberg.
European companies including Spain’s lottery operator Sociedad Estatal Loterias y Apuestas del Estado and Siemens AG (SIE)’s lighting unit Osram AG have postponed or withdrawn IPOs valued at at least $20 billion in the past four months, the data show.
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