Russian oligarch Oleg Deripaska has hired US banks Citi and JP Morgan together with Russian investment banks Sberbank CIB and VTB Capital to prepare his energy holding EN+ for an IPO this year, two financial market sources told Reuters on February 9.
En+, which operates in the energy and minerals sector, owns 48% of Hong Kong-listed Russian aluminium producer Rusal and the Evrosibenergo energy holding. The group listed on Asian exchanges several years ago. Its last offering for just under 11% it shares raised $2.24bn on the Paris and Hong Kong exchanges.
Reuters’ sources said that the list of the banks that arrange the deal was not final, without providing details.
Russian equity markets are open for business again after gaining over 50% in 2016 and are expected to return at least 15% this year. Sentiment got a further boost following the IPO of Russia’s Detsky Mir toy store on February 8, which raised the equivalent of €333mn in the country’s first big IPO of the year.
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