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. Last Updated: 07/27/2016

Integra Valued at $2.4Bln in Listing

Itar-TassA worker assembling a crane at an Integra-owned manufacturing plant.
Integra raised $500 million in a heavily oversubscribed IPO, placing shares at the top end of the price range and valuing the firm at $2.4 billion.

The country's largest and fastest growing oil services firm said in a statement it had placed its stock at $16.75 per global depositary receipt, at the top end of its $13.75 to $16.75 price range on Thursday, and sources close to the placement said the order book was 12 times oversubscribed.

Integra said unconditional trading on the London Stock Exchange would start Feb. 27.

Integra will use the proceeds from the IPO to repay existing debt, fund acquisitions and for other capital expenditure.

Apart from Munich-listed C.A.T. Oil, which has only half its market value, Integra is the only stock offering investors a focus on the Russian oilfield service sector, which has boomed along with high oil prices.

"The major advantage of C.A.T. Oil or Integra is they have really close ties to companies like LUKoil and TNK-BP, and then they have engineers who've been there since the 1970s, so they have really local knowledge," Gerald Walek at Erste Bank said.

Integra's top owner is TNK-BP's former oil services head Felix Lyubashevsky, with 12 percent after the IPO.

Unidentified portfolio investors had 50 percent before the IPO and market sources have said they could be close to TNK-BP's top Russian shareholders.