Russian oil firm Rosneft said today its IPO raised $10.4 billion as a court challenge in Britain from rival Yukos threatened to delay its market debut.
Rosneft said in a statement the IPO, priced at $7.55 a share, gave Russia's third-ranked oil firm a market capitalisation of $79.8 billion, a premium to its local benchmark and biggest producer Lukoil.
It said the capitalisation could rise to $80.2 billion with an over-allotment option following the IPO, the fifth-biggest in the world.
The judge in the British court case said today the case would be heard on Monday, although he doubted that it could be completed before Wednesday, when Rosneft shares are due to make their market debut.
Some lawyers involved in the case said they were optimistic it could be resolved in time.
The LSE said deals done before the first settlement on Wednesday would be void if the court blocked the listing.
Yukos has threatened a lifetime of litigation after its key unit Yugansk was seized and sold at a state auction to pay for over $33 billion of back-taxes, a move many believe was part of a Kremlin campaign against the company and founder, Mikhail Khodorkovsky, who was jailed for tax evasion and fraud.