The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Rosneft goes for a $20 billion listing

Russia wrestles with transparency requirements

Sergei Bogdanchikov

Rosneft’s IPO, planned for the second half of the year, is set to raise as much as $20 billion, making it the country’s largest ever primary listing. The listing will value the oil major at as much as $80 billion. With Peter O’Brian, previously vice president and co-head of Morgan Stanley’s Moscow office, installed as chief executive officer in early April, IPO plans look to be proceeding smoothly.

Morgan Stanley is one of four banks arranging the IPO – the others are ABN Amro, Dresdner Kleinwort Wasserstein and JPMorgan.

In April the company announced its plans for the consolidation of its main subsidiaries pre-IPO. According to its chief executive, Sergei Bogdanchikov (right), assets of 12 partly owned subsidiary companies will be transferred onto Rosneft’s balance sheet, boosting its capitalization before the listing.

Minority shareholders will be given the option to swap their shares for cash, or for Rosneft stock. Shares in its four main traded subsidiaries plunged on the announcement, which analysts attributed to fears that valuations were below market prices.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree