Zhaikmunai, an independent oil and gas exploration business based in Kazakhstan, has concluded the first-ever listing of global depositary receipts on the London Stock Exchange by a limited partnership. Zhaikmunai raised $100 million in its offering last month of GDRs to institutional investors.
ING Bank was lead manager, global coordinator and sole bookrunner for the offering, and Mirabaud Securities and UniCredit CAIB UK were co-lead managers. The Bank of New York Mellon was the depositary for the Regulation S offering of GDRs.
The transaction was structured through an Isle of Man partnership and represented about 9.1% of Zhaikmunai’s enlarged capital, valuing the business at $1.1 billion. The offering required a change of law in the Isle of Man to proceed, according to White & Case, the law firm that advised Zhaikmunai. The offering also required approvals and waivers from Kazakhstan’s ministry of energy and mineral resources as well as from state oil firm KazMunaiGas.
“Despite the downturn in listings over the last quarter, deals are still coming to market, with emerging markets being a major driver of the activity that we are seeing,” says White & Case partner Allan Taylor. In particular, there is significant appetite for flotations from companies in countries across the CIS, as well as Central and Eastern Europe, he says.
Zhaikmunai was admitted to trading on the LSE on April 3 with the symbol ZKM.