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Baker & McKenzie has advised on one of the first Russian IPOs in London since the beginning of the downturn.
Bakers was instructed by oil company Exillon Energy to assist it in the placing on the main market, which raised a total of $100m (£62m).
The majority of the proceeds were used to buy out a joint venture partner on one of the company’s assets located in northern Russia, while the remainder will be used for upstream operations such as sinking of wells.
Corporate partner Edward Bibko, who worked alongside Helen Bradley in London and Alexey Frolov in Moscow, said that the firm picked up the deal after it advised on due diligence on the assets earlier this year.
“After months of restructurings and quick-to-market placements, the capital markets are beginning to reopen for Russian issuers,” said Bibko. “This IPO shows there is investor interest in small- to medium-cap Russian companies in the energy sector, following the recovery in oil prices in 2009, and we expect more IPOs to follow,”
“It’s been a while since we’ve done much capital markets work in Russia given the state the markets are at this was a pretty hard-fought deal,” he added.
White & Case partner Allan Taylor represented the underwriters Bank of America, Merrill Lynch and ING and Mirabaud Securities.