Source: Russia’s En+ Group IPO price estimated at $14/GDR

MOSCOW, Nov 2 (PRIME) -- Russia’s En+ Group, owned by businessman Oleg Deripaska will sell shares for U.S. $14 per global depositary receipt during an initial public offering (IPO), a financial market source told PRIME on Thursday.

En+ Group plans to sell 15.8–18.8% of the shares to raise $1.5 billion. The group was valued at $7.0–8.5 billion.

A financial market source told PRIME on Wednesday that the bidding book for the deal was subscribed and was to be closed on Thursday.

The IPO envisages the sale of $500 million of En+ Group’s GDRs to Singapore’s AnAn Group, a partner of China’s CEFC.

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