Horizon – new opportunities

Over 25
years of experience
Over 25
leading experts
Over 250
projects delivered
Over 35
satisfied customers

About us

A highly-professional team of experts with a deep knowledge of financial markets and unique insights into key industries. We have our finger on the pulse of current trends, corporate standards and procedures, and the requirements of Russian and international regulators.

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For over 25 years, we have been supporting our customers in their efforts to reach new levels of development and to broaden the horizons of what is possible in IR, sustainable development (ESG), corporate governance, disclosure, and corporate finance. We always tailor our approach to each individual customer, and are oriented towards driving long-term results and the sustainable growth of our customers’ businesses.

Horizon is renowned for being a reliable partner and for its long track record of engaging with leading Russian and international financial and non-financial institutions, as well as key Russian issuers.

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Horizon is always about opening up new vistas. For us, that means new projects and difficult – yet exciting – challenges that spur on growth. For our customers, that means taking their business to the next level of growth. But most importantly, Horizon is people. Our strength lies in our team and our unique experience – that is something I am fully sure of.

Maxim Oyrakh, General Director of Horizon CF

Our story

Horizon was founded in 1996 by a team of professional experts in response to calls from PJSC Gazprom (RJSC Gazprom at the time) to develop a market for Gazprom shares on exchanges. For this reason, a significant portion of our formation and growth history is linked to various engagements for this gas giant. Over time, Horizon’s experts gained more experience and expertise, allowing the depth and scale of our work to grow significantly: we are now a financial advisor to a number of major Russian issuers. For this reason, Horizon’s story reflects its contribution to the development of the securities market and corporate governance in Russia.

1996

Creation and development of a market for Gazprom shares

Horizon experts played a key role in floating Gazprom shares on Russian stock exchanges and organising the debut issuance of Gazprom’s American Depositary Receipts (ADRs). With an underlying share price of USD 0.5 in the Russian market, the ADRs were priced at a fair value of USD 1.575. We developed a mechanism to divide up markets, preventing international investors from being able to buy up undervalued Gazprom shares. Gazprom was the first Russian company to be listed on the London Stock Exchange (LSE).

1997

Launch of the Strategy Consulting practice

Over the years, a number of deals have been developed, structured and completed by this practice, the largest of which being the sale of 2.5% of RJSC Gazprom shares to Ruhrgas AG, the founding of Zarubezhneftegaz, the strategic alliance between Gazprom and Royal Dutch Shell, and the Wintershall–Gazprom deal to jointly develop the Achimov deposits at the Urengoyskoye oil and gas condensate field.

1999

Debt Restructuring practice set up

The practice was set up to respond to the urgent needs of the Russian economy to restructure the debts of Russian enterprises, in particular those owed to Gazprom by its gas consumers. A scheme was developed to restructure the debts of CIS states consuming Russian gas.

Russian Debt Market practice set up

Gazprom’s debut rouble bond issue was successfully placed, with the coupon rate and par value pegged to fluctuations in the US dollar exchange rate. In its over 25 years of existence, Horizon experts have helped close deals raising more than RUB 250 billion in the Russian market for Russia’s leading companies, from Gazprom and Transneft to FGC UES and other major players.

2002

International Capital Market practice set up

Gazprom’s debut eurobond issue was successfully placed. Horizon experts helped raise a total of over USD 50 billion through eurobond issues.

2004

Russian Financial Consulting practice expanded

We advised subsidiaries of RAO UES of Russia on their secondary public offerings (SPOs) as part of a reform of this energy holding company. Horizon experts helped Russian companies raise a total of over RUB 9 billion through secondary offerings.

IR Consulting practice set up

Building on its long track record in financial consulting, as well as in engaging with Russian and international investors, investment banks, stock exchanges, and other financial market participants, Horizon became Russia’s first IR consultancy. As early as 2004, Horizon was appointed as joint corporate broker by Gazprom, where it continues to serve as an IR and ESG advisor to this day. Still, Horizon would only be officially included in the national occupation classifier as an IR specialist four years later in 2008.

Disclosure practice set up

To help public companies meet their disclosure requirements, a separate practice was set up to offer support and prepare public filings compliant with industry standards, Russian and international laws, and the requirements of stock exchanges and regulators, such as annual reports, issuer reports, sustainable development reports, integrated reports, annual financial reports (AFRs) for the London Stock Exchange (LSE), etc.

2013

Corporate Governance practice set up

The quality of corporate governance is gradually becoming one of the most significant aspects (alongside operating and financial performance) for investors and shareholders to consider when investing in Russian companies. Horizon has been running regular corporate governance diagnostics since 2013, partnering with KPMG to launch the first project aimed at improving Gazprom’s corporate governance practices. These corporate governance diagnostic and improvement services have seen a steady increase in demand since 2014, with major names such as OGK-2, TGC-1, Mosenergo, and Bashneft all becoming our clients.

2014

Development and diversification of the market for Gazprom shares

Horizon acted as a financial advisor for Gazprom’s listing on the Singapore Exchange (SGX), where the gas giant’s Global Depositary Receipts (GDRs) were listed for trading. Gazprom’s GDRs were the first securities to be listed on the SGX by a Russian issuer, and the move allowed the company’s securities to be traded almost 24 hours a day.

2015

The IRCG concept: Horizon’s first step towards building an ESG consulting practice

In working towards the investment community’s current agenda, Horizon surveyed specialists with 22 leading international institutional investors to gauge the weight investors placed on corporate governance (CG) when considering investments in Russian companies. In our first step towards building an ESG consulting practice, we introduced the IRCG concept to the market, which means engaging the investment community on matters at the intersections of IR and CG. We continue to provide holistic ESG advisory services to Gazprom as part of our joint mandate with JP Morgan and Gazprombank to act as corporate broker.

IT Consulting practice expanded

Horizon’s methodological expertise in collating and disclosing information made us the ideal candidate to take part in a unique series of projects aimed at automating Gazprom’s reporting process. Horizon experts helped spearhead the development of the Automated Consolidated Reporting System, the analytical (management) reporting module, and the Automated Document Management System.

2016

To enhance our IR Consulting practice supporting Russian companies in improving their corporate governance, Horizon joined the International Corporate Governance Network (ICGN).

2019

ESG Consulting set up as a separate practice to encompass all of Horizon’s sustainability offerings

Horizon was appointed as an ESG advisor by Polyus and became the lead ESG advisor for Gazprom as part of its joint mandate with JP Morgan and Gazprombank to act as its corporate broker.

2020–present

Horizon is a leading Russian ESG consultancy. Horizon is unlocking new opportunities for its customers through a partnership with CGI Russia, the Russian Chapter of the World Economic Forum’s Climate Governance Initiative, active across all G20 countries, including Russia.

1996

Creation and development of a market for Gazprom shares

Horizon experts played a key role in floating Gazprom shares on Russian stock exchanges and organising the debut issuance of Gazprom’s American Depositary Receipts (ADRs). With an underlying share price of USD 0.5 in the Russian market, the ADRs were priced at a fair value of USD 1.575. We developed a mechanism to divide up markets, preventing international investors from being able to buy up undervalued Gazprom shares. Gazprom was the first Russian company to be listed on the London Stock Exchange (LSE).

1997

Launch of the Strategy Consulting practice

Over the years, a number of deals have been developed, structured and completed by this practice, the largest of which being the sale of 2.5% of RJSC Gazprom shares to Ruhrgas AG, the founding of Zarubezhneftegaz, the strategic alliance between Gazprom and Royal Dutch Shell, and the Wintershall–Gazprom deal to jointly develop the Achimov deposits at the Urengoyskoye oil and gas condensate field.

1999

Debt Restructuring practice set up

The practice was set up to respond to the urgent needs of the Russian economy to restructure the debts of Russian enterprises, in particular those owed to Gazprom by its gas consumers. A scheme was developed to restructure the debts of CIS states consuming Russian gas.

Russian Debt Market practice set up

Gazprom’s debut rouble bond issue was successfully placed, with the coupon rate and par value pegged to fluctuations in the US dollar exchange rate. In its over 25 years of existence, Horizon experts have helped close deals raising more than RUB 250 billion in the Russian market for Russia’s leading companies, from Gazprom and Transneft to FGC UES and other major players.

2002

International Capital Market practice set up

Gazprom’s debut eurobond issue was successfully placed. Horizon experts helped raise a total of over USD 50 billion through eurobond issues.

2004

Russian Financial Consulting practice expanded

We advised subsidiaries of RAO UES of Russia on their secondary public offerings (SPOs) as part of a reform of this energy holding company. Horizon experts helped Russian companies raise a total of over RUB 9 billion through secondary offerings.

IR Consulting practice set up

Building on its long track record in financial consulting, as well as in engaging with Russian and international investors, investment banks, stock exchanges, and other financial market participants, Horizon became Russia’s first IR consultancy. As early as 2004, Horizon was appointed as joint corporate broker by Gazprom, where it continues to serve as an IR and ESG advisor to this day. Still, Horizon would only be officially included in the national occupation classifier as an IR specialist four years later in 2008.

Disclosure practice set up

To help public companies meet their disclosure requirements, a separate practice was set up to offer support and prepare public filings compliant with industry standards, Russian and international laws, and the requirements of stock exchanges and regulators, such as annual reports, issuer reports, sustainable development reports, integrated reports, annual financial reports (AFRs) for the London Stock Exchange (LSE), etc.

2013

Corporate Governance practice set up

The quality of corporate governance is gradually becoming one of the most significant aspects (alongside operating and financial performance) for investors and shareholders to consider when investing in Russian companies. Horizon has been running regular corporate governance diagnostics since 2013, partnering with KPMG to launch the first project aimed at improving Gazprom’s corporate governance practices. These corporate governance diagnostic and improvement services have seen a steady increase in demand since 2014, with major names such as OGK-2, TGC-1, Mosenergo, and Bashneft all becoming our clients.

2014

Development and diversification of the market for Gazprom shares

Horizon acted as a financial advisor for Gazprom’s listing on the Singapore Exchange (SGX), where the gas giant’s Global Depositary Receipts (GDRs) were listed for trading. Gazprom’s GDRs were the first securities to be listed on the SGX by a Russian issuer, and the move allowed the company’s securities to be traded almost 24 hours a day.

2015

The IRCG concept: Horizon’s first step towards building an ESG consulting practice

In working towards the investment community’s current agenda, Horizon surveyed specialists with 22 leading international institutional investors to gauge the weight investors placed on corporate governance (CG) when considering investments in Russian companies. In our first step towards building an ESG consulting practice, we introduced the IRCG concept to the market, which means engaging the investment community on matters at the intersections of IR and CG. We continue to provide holistic ESG advisory services to Gazprom as part of our joint mandate with JP Morgan and Gazprombank to act as corporate broker.

IT Consulting practice expanded

Horizon’s methodological expertise in collating and disclosing information made us the ideal candidate to take part in a unique series of projects aimed at automating Gazprom’s reporting process. Horizon experts helped spearhead the development of the Automated Consolidated Reporting System, the analytical (management) reporting module, and the Automated Document Management System.

2016

To enhance our IR Consulting practice supporting Russian companies in improving their corporate governance, Horizon joined the International Corporate Governance Network (ICGN).

2019

ESG Consulting set up as a separate practice to encompass all of Horizon’s sustainability offerings

Horizon was appointed as an ESG advisor by Polyus and became the lead ESG advisor for Gazprom as part of its joint mandate with JP Morgan and Gazprombank to act as its corporate broker.

2020–present

Horizon is a leading Russian ESG consultancy. Horizon is unlocking new opportunities for its customers through a partnership with CGI Russia, the Russian Chapter of the World Economic Forum’s Climate Governance Initiative, active across all G20 countries, including Russia.

Our team

Our team is made up of professionals with years of experience in ESG, investor and government relations, corporate finance, and reporting.

Leonid Gryaznov
General Director of Horizon Holding
Maxim Oyrakh
General Director of Horizon CF
Maria Novokreschenova
Deputy General Director of Horizon CF, Head of Corporate Finance
Svetlana Ershova
Deputy General Director of Horizon Holding
Tatiana Ignatova
Deputy General Director of Horizon CF