At the second time of asking, Morgan Stanley completed a US$775m accelerated bookbuild of 12.5m ADRs (equivalent to 50m shares) in Lukoil. The deal, through which the Russian Federal Property Fund disposed of 5.9% of its 13.5% stake, priced at US$62 per ADR.

The offer was two and a half times subscribed, with over 60% of the interest from the UK and US, 10% from Russia, and the rest from Continental Europe, especially Germany.