In late June, both Volga Gas and Tethys Petroleum successfully completed offerings that will enable them to further develop their existing assets. Volga Gas raised $27 million through an accelerated bookbuild lead-managed by Oriel Securities and Renaissance Capital, which involved the sale of 27 million shares at $1 apiece.
“Even a couple of months ago it would have been debatable whether financings in less-liquid names could have got done, but now people’s risk tolerance has expanded and they are more open to a broader range of opportunities than before,” says John Porter, head of equity capital markets at Renaissance Capital in Moscow.
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