Russia's Russneft shareholder to float up to 20 pct of shares in IPO

Russian tycoon Mikhail Gutseriyev and his family plan to float up to 20 percent of ordinary shares in mid-sized oil company Russneft in an initial public offering (IPO) by the end of 2016, Russneft said on Monday.

The stake that Gutseriyev and his family plan to sell on the Moscow Exchange accounts for 15 percent of Russneft's overall share capital, which also includes preferred shares, the company said in a statement.

A pricing range will be announced on Nov. 18, a person close to the company and market sources told Reuters. The actual IPO price will be announced on Nov. 25, one of the sources said.

Russian lenders VTB, Sberbank CIB as well as brokerage firms Aton and BCS will organize the IPO.

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