Report: Deripaska says En+ Group to raise $1.5 bln during IPO

ST. PETERSBURG, Jun 2 (PRIME) -- Russian billionaire businessman Oleg Deripaska’s En+ Group plans to raise about U.S. $1.5 billion during an initial public offering (IPO), Deripaska told channel Rossiya 24 television channel on Friday.

“Yes, we continue to consider an IPO. We have bids from investors and we think that in case of attractive proposals, we will most probably raise additional capital to redeem debts… We plan to raise about $1.5 billion,” Deripaska said.

The company will make a final decision on the IPO within in 18 months and it will mainly depend on economic conditions, he said.

In April, the Financial Times reported citing sources that En+ Group hired six investment banks to organize an IPO on the London Stock Exchange (LSE) and plans to raise $1.8–2 billion. The banks are Citibank, JP Morgan, Credit Suisse, Societe Generale, Sberbank and VTB Capital.

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

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