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Thursday, July 06, 2006

Analysts optimistic about Rosneft IPO prospects

RBC, 05.07.2006, Moscow 09:54:37.Analysts are quite optimistic in their estimates of the potential outcome of Rosneft's IPO, which offers the prospects of becoming an all-time greatest debut made on the market by a Russian company. Experts believe Rosneft may raise at least $9.5bn from floating its 1.356bn shares (the maximum allowed by the government). An RBC analysts reckons this feasible considering that Rosneft's IPO is drawing interest from large Chinese and Indian companies, as well as institutional investors. At the same time, based on the upper limit of the price range of between $5.85 and $7.85 per share set for Rosneft's IPO, the maximum amount Rosneftegaz may raise is $10.6bn. Meanwhile, analysts consider Rosneft's fair market share price to be $7.1, which would bring the total up to $9.6bn. At the same time, it is not ruled out that the price may be as low as $6.27 per share with a potential to further rise to $7.13. The most optimistic analysts also estimate that Rosneft may raise as much as $11.6bn from the floatation.

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