Deripaska’s En+ Group Targets $8.5 Billion Valuation in IPO - Bloomberg:
"Russian billionaire Oleg Deripaska’s En+ Group Plc announced a price range for its initial public offering, indicating a valuation as high as $8.5 billion before it issues new shares.
En+ wants to sell shares and global depositary receipts in Moscow and London at $14 to $17 apiece, the company said in a statement on Monday. This implies a pre-IPO value between $7 billion and $8.5 billion. The offering is expected to represent between 15.8 percent and 18.8 percent of the issued share capital on a fully diluted basis, excluding the over-allotment option.
"The price range seems quite fair and gives some upside for growth," Oleg Petropavlovskiy, an analyst at BCS Global Markets, said by phone. "It is unlikely to sell shares at the top end of the range, but has all chances to be in the middle of the range.""
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