Minimum bid to buy Rosneft shares at IPO set at $555

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MOSCOW, June 23 (RIA Novosti) -- Rosneft said Friday that the minimum bid to buy shares at the state-owned company's initial public offering scheduled for mid-July had been set at 15,000 rubles ($555), a company news release said.

Bids will be accepted from individuals and companies on June 26-July 10 at Sberbank, Alfa-Bank, Aton, Gazprombank, Uralsib, Troika-Dialog, and the Russian Bank of Regional Development.

Rosneft's IPO will allow thousands of Russian people become shareholders of Russia's No.3 oil producer, the statement said.

Rosneft plans to float its shares in London and Russia in July. It will be Russia's biggest IPO this year, which experts say could bring the company $8-$20 billion. Rosneft has not yet specified the size of the IPO, but Economic Development Minister German Gref said the government would retain control over 70% of the company.

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