Exillon IPO to Raise $100M

By Reuters

Dec. 15, 2009

Exillon Energy, a Russia-focused oil producer, is to raise just more than $100 million in what will be the first London stock market flotation by a Russian firm since the financial crisis broke in 2008.

The vast majority of the deal was bought by oil and gas sector specialist investors, while Russia or emerging markets focused funds bought a relatively small share, a source familiar with the deal said Monday.

According to the source, Mirabaud Securities, which acted as joint bookrunner on the initial public offering, played a key role in selling the deal.

Exillon said Monday that it would place 40.5 million shares at 153 pence each and will use the cash to repay debt and develop future projects.

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