This company's desperate attempt to internationalize itself by listing on a foreign market and attracting foreign investors has failed miserably, having attracted foreign institutional investors for only 35% of the total issue, for an oil company with oil prices at historic levels.
They had to twist arms amongst the state oil companies, Malaysias' Petronas and China's CNPC, amongst committed private oil companies, BP, with significant presence in the country, and amongst Russian oligarchs, friends of the President.
They will dress it up but let´s not let them kid us, this is a failed issue, and the cutting back of the Chinese investor fails to convince!
Onésimo Alvarez-Moro
See article:
Rosneft, the state-controlled oil company, on Friday raised $10.4bn in Russia's biggest initial public offering as the country seeks to demonstrate its weight and power in the global financial markets.
The IPO, which comes on the eve of Russia hosting the summit of the G8 meeting of leading industrialised nations, is also the world's sixth biggest. The flotation attracted strong demand from investors, particularly from oil companies and Russian investors.
See full Article (paid subscription required).
Also see ¨Abramovich backs Rosneft IPO¨.
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