Russian gas firm Novatek priced its global depositary receipts at $16.75 yesterday and jumped 13% to $19 in early trading on the London Stock Exchange today. Novatek is the second-largest Russian flotation to date and was almost ten times oversubscribed.

Morgan Stanley, UBS and CSFB were joint bookrunners, with Troika Dialog Investment Bank co-lead manager and Alfa Bank and Vneshekonombank, co-managers.