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. Last Updated: 07/27/2016

ZhaikMunai Eyes $1Bln IPO in '07

ZhaikMunai, an independent Kazakh oil and gas company, plans to raise up to $1 billion listing a maximum 42.6 percent of its shares in London by the end of this year, market sources said Tuesday.

ZhaikMunai, which announced its listing plan Monday without specifying the size of the IPO, will join the growing ranks of Kazakh natural resources firms seeking foreign listings and more exposure to the international business community.

The company, which explores for, produces and sells oil and gas from northwestern Kazakhstan, has appointed ING as lead manager and bookrunner for the offering. Mirabaud Securities and Unicredit Markets & Investment Banking are co-lead managers.

"The company has discussed its IPO plan with us. They want to raise in the region of $1 billion," a Moscow-based market source said on condition of anonymity.

ZhaikMunai's largest single shareholder is Belgian private equity management firm Probel Capital Management. A Probel representative declined to comment on the figures named by the market sources, saying only, "The volume of the offer is still being discussed."

ZhaikMunai owns a license in the Chinarevskoye field in the northern part of the prospective Pre-Caspian Basin, one of the largest oil-producing regions in Central Asia. It has held a production sharing agreement with the Kazakh government there since 1997.

The company has said its estimated gross proved plus probable hydrocarbon reserves as of July 1 were 397 million barrels of oil equivalent. ZhaikMunai began production in 2000 and produced just over 1 million barrels of crude oil in 2006.