Russian privately-held oil producer Russneft has become a publicly traded company after its chief shareholder, Cyprus-registered Belyrian, sold a 20% voting stake via an initial public offering on the Moscow stock exchange last week.
Belyrian is understood to have raised 32.4 billion rubles ($501 million), with each share in the offering fetching 550 rubles.
Industry analysts in Moscow described the price at which Belyrian, controlled by prominent Russian businessman Mikhail Gutseriyev, sold its shares as modest, as it valued the company at about $2.5
