Russia's En+ sets IPO prices at $14 per GDR, valued at $8 billionStaff Writer | November 3, 2017
Russia's En+ Group, which manages aluminium and hydropower businesses, priced its global depositary receipts at $14 in an initial public offering (IPO), at the lower end of its guided range.
Public offer Between $14 and $17 per GDR
En+ said its post-money market capitalisation amounted to $8 billion and the offering would raise a total of $1.5 billion. AnAn Group, a partner of China's CEFC, invested $500 million in the company's GDRs, EN+ said in a statement.
"En+ Group's offering is the largest initial public equity offering by a Russian company since 2012 and constitutes one of the largest IPOs on the London Stock Exchange," En+ chief executive Maxim Sokov said in a statement.
The price range was set at between $14 and $17 per GDR. ■