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Sovcomflot closes in on $500m Moscow IPO

Sovocmflot, Russia’s largest shipowner, has floated the idea of listing on the Moscow Exchange again.

The state-run company has long toyed with pushing ahead with an initial public offering with the Putin administration keen to raise funds by privatising many state-owned companies.

Reuters is reporting that Sovcomflot is now eyeing to raise at least $500m, in a local listing, which would value the company at around $10bn.

VTB Capital, Citigroup Global Markets, Sberbank CIB, JP Morgan and BofA Securities are acting as joint global coordinators and joint bookrunners for the offering, Sovcomflot said.

Sovcomflot owns a fleet of 103 vessels according to VesselsValue, made up of 78 tankers, 11 LNG carriers, 4 LPG carriers and 10 OSVs. It also has another eight vessels on order.

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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