Preparing Russian Companies for IPO on Example of JSOC Bashneft

The dissertation provides comprehensive review of initial public offerings on global stock exchanges in the recent three years and describes advantages and disadvantages of a public status for Russian companies listed on western stock exchanges. In the course of the study the author interviewed top managers of large Russian companies listed on western stock exchanges and identified key success factors of IPO. The recommendations proposed in the work may be used by JSOC Bashneft management to ensure success of initial public offering, which is planned in the near future.

Table of Content
Abstract…..………………………....……………………..………………………....……………………..………………………....……………………..… 1
Attestation…..………………………....……………………..………………………....……………………..………………………....…………………….. 2
Acknowledgements…..………………………....……………………..………………………....……………………..………………………....……… 3
Table of Content…..………………………....……………………..………………………....……………………..………………………....……………… 4
List of Figures…..………………………....……………………..………………………....……………………..………………………....………………… 6
1 Introduction…..………………………....……………………..………………………....……………………..………………………....…………… 8
1.1 Background and Context…..………………………....……………………..………………………....……………………..……………………….. 8
1.2 Scope and Objectives…..………………………....……………………..………………………....……………………..……………………….... 8
1.3 Achievements…..………………………....……………………..………………………....……………………..………………………....………… 9
1.4 Overview of Dissertation…..………………………....……………………..………………………....……………………..………………………. 9
2 Overview of IPO Industry…..………………………....……………………..………………………....……………………..………………………. 10
2.1 Advantages & Disadvantages of Public Status…..………………………....……………………..………………………....………………… 10
2.1.1 Advantages…..………………………....……………………..………………………....……………………..………………………....…………… 10
2.1.2 Disadvantages…..………………………....……………………..………………………....……………………..………………………....………… 12
2.2 Overview of Key IPO Markets for Russian Companies…..………………………....……………………..………………………....……… 18
2.2.1 The London Stock Exchange is the Global Leader among Russian IPOs……..……………..….....……………....……………………..24
2.2.2 Russian Companies Listed on London Stock Exchange……..………………………....……………………..………………………....…… 25
2.2.3 Russian IPO Market…..………………………....……………………..………………………....……………………..………………………....… 29
2.2.4 Recommendations for Implementing IPO Strategy for JSOC Bashneft…..………………………....……………………..……………. 33
3 Literature Review…..………………………....……………………..………………………....……………………..………………………....……… 36
3.1 Theoretical Rationale for IPO…..………………………....……………………..………………………....……………………..………………… 36
3.2 Identification of Key Success IPO Fact

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Internet Resources
[10] An overview of Russian IPOs: 2005 to 2013. Source: PWC, www.pwc.ru/capital-markets. [Assessed October 14, 2013]
[11] Bloomberg Information Database // www.bloomberg.com [Assessed October 14, 2013]
[12] Dealogic Information Database // www.gealogic.com [Assessed October 11, 2013]
[13] Global IPO Trends 2011. Ernst & Young, 2010 [Assessed October 13, 2013]
[14] EY’s guide to going public Are you ready? [Assessed October 12, 2013]
[15] Information Database of Thomson Reuters // http://thomsonreuters.com/ [Assessed October 10, 2013]
[16] Internet-Portal "Internet stuff», IPO Congress 2011: The financiers discussed the possibilities of Russian high-tech companies // Electronic resource // http://internetno.net/category/obzoryi/ipo-congress-2011-2/ [Assessed October 15, 2013]
[17] Information-Analytical Project «IPO in Russia» // Offerings.ru [Assessed October 16, 2013]
[18] Information-Analytical Project «Merges.ru» // Electronic Resource // http://www.mergers.ru- project devoted to mergers and acquisitions [Assessed October 18, 2013]
[19] Information Portal Euronews.com // Electronic resource // http://ru.euronews.com/tag/eurozone-in-crisis/ [Assessed October 17, 2013]
[20] Information Portal "RBC", Article "Experts Comment’ on Rusal IPO" // Electronic resource // http://top.rbc.ru/economics/22/01/2010/364492.shtml [Assessed October 19, 2013 ]
[21] Information Portal Finam.ru // Electronic resource // Participation in the company's IPO VimpelCom // http://www.finam.ru/investments/ipo0000B000A0/default.asp [Assessed October 17, 2013]
[22] Moody's Investors Service confirmed Baa1 rating for Russia with Steady forecast of Russian economy. // Source // http://top.rbc.ru/economics/28/03/2013/851368.shtml [Assessed October 10, 2013]
[23] Rossiyskaya Gazeta dt.12.12.2013. «Putin has called for development of Siberia and Far East» // Internet Resource // http://www.rg.ru/2013/12/12/vostok-anons.html [Assessed October 10, 2013]
[24] Shaping and use of demand by investors in the process of IPO // URL: http://www.russianipo.com [Assessed October 10, 2013]
[25] The annual and financial report of JSFK Sistema for 2011 //Internet resource // http://sistema-annual-report-2011.production.investis.com/portfolio-overview/core-assets/bashneft.aspx?sc_lang=ru-RU [Assessed October 10, 2013]
[26] The materials of Euronews.com portal articles // Electronic resource // http://ru.euronews.com/tag/eurozone-in-crisis/ [Assessed October 10, 2013]
[27] The Official Website of LSE // Electronic resource // http://www.londonstockexchange.com/statistics/markets/markets.htm [Assessed October 10, 2013]
[28] The Official Website of MICEX // Electronic resource // http://www.micex.ru/markets/stock/today [Assessed October 19, 2013]
[29] The Official Site of Rosneft, «Initial public offering (IPO)» // Electronic resource // http://www.rosneft.ru/Investors/structure/IPO/ [Assessed October, 04, 2013]
[30] The Official Site of RTS // "IPO of RBC Information Systems" // Electronic resource / http://www.rts.ru/a776 [Assessed October 19, 2013]
[31] The Official Website of Gazprom // Electronic resource // http://www.gazprom.ru/investors/ [Assessed October 15, 2013]
[32] The Official Website of "Gazprom Neft" // Electronic resource // http://ir.gazprom-neft.ru/analyst-center/ [Assessed October 18, 2013]
[33] The Official Website of "Lukoil" // Electronic resource // http://www.lukoil.ru/static_6_5id_219_.html [Assessed October 19, 201