Report: En+ Group hires 6 banks to raise $2 bln at London IPO

MOSCOW, Apr 26 (PRIME) -- Oleg Deripaska’s En+ Group has hired six investment banks to organize its initial public offering (IPO) on the London Stock Exchange (LSE) and plans to raise U.S. $1.8–2 billion, the Financial Times reported on Wednesday, citing sources with knowledge of the matter.

The banks comprise Citibank, JP Morgan, Credit Suisse, Societe Generale, Sberbank and VTB Capital.

The group can be valued at $7.2–10 billion as a result of the offering.

The IPO can be postponed until October, or indefinitely if market conditions deteriorate, the sources said.

En+ Group can spend the IPO revenue to settle about $5 billion debts. “They are definitely going to try,” said one of the sources. “Oleg (Deripaska) always needs money. That’s what this is about.”

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