Russian oil refining company Russneft, co-owned by billionaire Mikhail Gutseriev, plans an IPO at the Moscow Stock Exchange in the fourth quarter of 2016, RBC reported on June 6.

Investors could be offered between 25% and 49% of the company's new shares, Mikail Shishkhanov, Russneft co-owner and chairman of the board of Binbank, was quoted as saying.

Currently, Gutseriev and his family, including his nephew Shishkhanov, own 54% of Russneft, while the other 46% is owned by Switzerland's Glencore.

"It can be said for sure that Gutseriev and his family will remain the majority shareholder, and Glencore will remain a co-owner," Shishkhanov said. The London Stock Exchange is considered as an alternative venue for Russneft's IPO, but Moscow is preferable as there is "a shortage of interesting companies" at Moex, he added.

Binbank will be the IPO's lead manager. Shishkhanov would not give a figure of how much the company expects to attract, but said that an undisclosed company from the CIS is prepared to invest $1bn at the IPO.

"We hope for a fair evaluation, given the company's good position in the market and its recovery," he said.

Since oil prices nearly doubled since January 2016, when Brent fell as low as $27 per barrel, a successful IPO would allow Russneft to pay off $1.5bn in previously issued bonds.

Despite unfavourable internal and external economic conditions, Russian companies have gone ahead with their IPO plans over 2015 and 2016.

Last year, the leading Russian producer of high-tech railway cars United Wagon Company (UWC) and Moscow Credit Bank had IPOs.

About 20 companies said they were planning to IPO this year on Moex, including retailers Detsky Mir and Ulmart.