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Sovcomflot set to list next month

Sovcomflot set to list next month

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Sovcomflot, the Russian tanker giant, will push ahead with a listing as early as next month, Reuters is reporting. The state run firm will try to entice a number of small-stake investors rather than a strategic buyer, the newswire reports.

A Sovcomflot IPO has been on the cards for a long time as part of president Vladimir Putin’s privatisation programme to restore state coffers in the wake of the protracted downturn in the price of oil.

The Economy Ministry, which is overseeing the privatisation of the line, said by email to Reuters: “There is a high interest seen from both Russian and foreign institutional investors.”

The 25% stake sale is anticipated to raise more than $500m.

Sberbank CIB and VTB Capital, investment banking units of Russia’s two biggest and state-controlled banks, are arranging the deal.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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