RSS   Newsletter   Contact   Advertise with us

Russia's En+ sets IPO prices at $14 per GDR, valued at $8 billion

Staff 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.
En
Public offer   Between $14 and $17 per GDR
The IPO of En+ in Moscow and London is the first major primary equity raising by a Russian company in Britain since Western sanctions were imposed on Russia over its role in the Ukraine crisis. En+ and Deripaska are not under sanctions.

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.


 

MORE INSIDE POST