UPDATE: En+ sets IPO price range at $14-17 per GDR

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MOSCOW, Oct 23 (PRIME) -- En+ Group, owned by businessman Oleg Deripaska, has set the price range for an initial public offering (IPO) at U.S. $14-17 per a global depositary receipt (GDR), it said in a statement on Monday.

The company is to offer 15.8% to 18.8% shares to raise around $1.5 billion in an IPO. Its current market price is valued at $7-8.5 billion, En+ Group said.

The IPO envisages selling $500 million worth of GDRs to a key investor, Singapore-based AnAn Group.

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