The four banks running the bumper flotation of Rosneft, the Russian oil group, are aiming to price the shares at about $7.50 ahead of their launch on the stock market tomorrow in what looks set to value the company at more than $76 billion (£41.2bn).

JP Morgan, Morgan Stanley, ABN Amro and Dresdner Kleinwort - who are joined on the float by a platoon of about 25 other banks - previously set a price range for the shares of between $5.85 and $7.85.

After closing the book last night with a healthy subscription level from City and international investors, being able to price the shares near the top of this spread should help enable shares to trade at a reasonable premium tomorrow.

However, Reuters reported this afternoon that Rosneft was pushing for a higher price after noting the popularity of the shares. The news agency reported that tension had arisen between the banks and the Russian company, which is keen to achieve the best possible price.

Sources indicated to Times Online today that the retail side of the Rosneft offer had also gone particularly well, with individual investors in Russia subscribing for about $700 million of the shares against the earlier anticipated $500 million. Orders from retail investors were running at more than 24,000 a day.

Rosneft will raise as much as $11.6 billion in a listing in London and Russia that will mark the biggest float for at least five years and looks set to dominate the trading day on Friday.

The controversial flotation received a last minute boost earlier this week after the Financial Services Authority, the City watchdog, made clear it would not be blocking the listing. Yukos, a rival, had strenuously argued that the sale to Rosneft of its Yuganskneftegaz asset in a forced auction last year was illegal.

It is thought that Yukos is still considering taking further legal action over the sale.

The emergence of strong interest among strategic or trade buyers such as BP also provided a fillip to the Rosneft flotation. BP is thought to have subscribed for about $1 billion of the shares although it has not yet confirmed the application.

Petronas, the Malaysian energy group, and CNPC of China are also reported to have expressed in an interest in a sale that as of yesterday is believed to have attracted about $6 billion of orders from companies other that financial institutions.

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