A Russian gas exploration and production business has become the latest international company to join AIM. Volga Gas, which currently holds three subsoil licences in the Volga region of European Russia, raised almost £60 million through the admission.

A Russian gas exploration and production business has become the latest international company to join AIM. Volga Gas, which currently holds three subsoil licences in the Volga region of European Russia, raised almost £60 million through the admission.

The company issued more than 20.8 million ordinary shares, representing 40.3% of its share capital, at £3 each. The admission has valued the business at some £155 million.

Volga’s shares were placed with qualified investors following an international roadshow.

Volga’s chief executive, Mikhail Ivanov, said: “We are pleased to be admitted to AIM, and look forward to using the funds we have raised to develop our existing gas fields and pursue other potential opportunities that will create value for our shareholders.”

The admission’s sole global co-ordinator and bookrunner was Renaissance Securities (Cyprus), which was also joint lead manager with nominated adviser KBC Peel Hunt. KBC was also joint broker with Renaissance Capital.

Volga’s auditor and reporting accountant was Moore Stephens LLP. Its team was led from its London office by head of Corporate Finance Philip Cowan, who was supported by partner Arthur Davey and director Paul Edwards.

Cowan said the firm worked with Moore Stephens CIS in Russia to complete the deal. “The assignment, which involved the usual complexities of moving a business reporting in Russian GAAP to international standards, was an opportunity again for Moore Stephens to apply its international capability.”

He added that the firm would continue to support Volga as it develops its business following this admission.

Volga is principally focused on the exploration, development and production of gas and condensate in the Volga region of European Russia.

It has three subsoil licences in the Saratov and Volgograd regions, which it aims to bring into production to take advantage of increasing Russian domestic gas pricing and demand.