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Kazakh Zhaikmunai raises $100m

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Date: Friday 28 Mar 2008

LONDON (ShareCast) - Kazakh oil and gas group Zhaikmunai raised $100m on London’s main market this morning via an offer of global depositary receipts at a price of $10 each.

The offer price was well below the $13-$16 indicative price range first given in November.

The offer represents about 9.1% of the enlarged equity of the business and values the enlarged group at $1.1bn.

“The listing will help Zhaikmunai to achieve its goals of increasing oil production, improving the existing reserve base, exploiting our gas reserves and developing transport links,” said Frank Monstrey, chairman of the general partner of Zhaikmunai.

ING has acted as lead manager and sole bookrunner, while Mirabaud Securities and UniCredit CAIB have acted as co-lead managers.