PRESS: En+ Group seeks to raise $1.5 bln during IPO – sources

MOSCOW, Mar 9 (PRIME) -- Russian tycoon Oleg Deripaska’s En+ Group plans to sell U.S. $1.5 billion worth of shares during an upcoming initial public offering (IPO) and expects that investors will value the company at up to $10 billion, business daily Vedomosti reported on Thursday citing sources.

“En+ expects that it will be valued at $6–8 billion. Based on this price, En+ can offer investors from 18.75% to 25% shares, depending on valuation, to raise $1.5 billion. Another source said that expectations of En+ are even higher -- $9–10 billion,” the daily said.

The group can offer the shares in April–May as an optimistic scenario or in October–November.

Deripaska said in January that En+ Group plans an IPO in London in the near future. A banking source said later that VTB Capital, Sberbank CIB, Citi and JP Morgan will act as organizers.

En+ Group holds 48.13% in aluminum giant UC RUSAL and owns power utility EuroSibEnergo, among other assets.

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