Group En+ group, billionaire Oleg Deripaska will spend primary placing (IPO) of its shares on London and Moscow stock exchanges, which intends to attract $ 1.5 billion, according to RBC, noting that this is the first placement of shares of a Russian company in London since the imposition of sanctions in 2014.

As stated in the official message of the company published on the website of the London stock exchange, En+ plans “to launch an IPO of global Depositary receipts (GDRs), each representing one ordinary share of the company.”

Of the 1.5 billion dollars that En+ expects to attract, the third of the amount ensure anchor AnAn investor Group who purchases the receipts of En+ to $ 500 million. En+ AnAn reached with Group “a key investment agreement,” the statement reads.

The offering price to the company no. Initially, En+ was prepared by the IPO in the first half, and then reported to the company at 6.8 billion dollars and plans to offer investors from 18,75-25% of the shares.

To sell shares will be as En+ and controlled by the Deripaska group “Basic element”. “The GDR will be offered by the company and the companies of Basic Element Limited and/or B-Finance Limited, the beneficiary of which is Mr. Deripaska,” – said in the message. The proceeds from the sale of its stake in En+ plans to invest in the repayment of the debt: according to the statements of the company at the end of 2016, its net debt was 5.5 billion dollars.

The day before, October 4, TASS reported citing two sources at the financial market reported that during the IPO En+ will offer investors a 15% stake. “At the moment there is a decision to place 15%. Listing of shares in London. In Moscow it is planned the placement of Russian Depositary receipts,” – said the Agency interlocutor.

IPO, according to the source, will be held in October. According to one of interlocutors of Agency, the listing planned for September 28, but was postponed. “The placement price of securities is discussed, the price range is very wide,” added the source.

The main investor En+ during IPO AnAn Group owns 63.8% of the in AnAn International, registered in Bermuda. Until September 2017, it was called CEFC International Ltd. It is an international unit of China’s trading group for the CEFC, which is in September 2017, has agreed to purchase the 14,16% of the Russian “Rosneft”.

AnAn specializiruetsya the oil trade and oil products oil and gas chemistry, as well as manages its own network of gas stations. In addition, the company is engaged in consulting and support of investment projects. Revenue for the second quarter of 2017 amounted to 594 million dollars, over half – $ 1.2 billion. Profit for the six months amounted to 7.6 million dollars.

Revenue most En+ in the first half reached 5.8 billion dollars, which is 23% higher than the same period last year, EBITDA was $ 1.5 billion (an increase of 43%).

En+ also promises future investors to pay semi-annual dividends: the adopted dividend policy of the company assumes payment of 100% of dividends received from UC Rusal, or 75% of cash flow, but not less than $ 250 million a year.

The organizers of the placement are Citigroup, Credit Suisse, JP Morgan, Merrill Lynch, Sberbank CIB, “VTB Capital”, BMO Capital Markets, Gazprombank (MOEX: GZPR), Societe Generale, UBS and “Aton”. The selling party will provide the organizers an option for oversubscription of up to 10% of transaction amount.

Premarketing IPO will take a few weeks, the admission to trading on the London stock exchange the company expects to receive in November, then En+ require access to trading on the Moscow exchange.

That En+ is going to go for an IPO, first reported by Bloomberg in December 2016. In late September, Deputy Prime Minister Arkady Dvorkovich said that the stake in En+ group may purchase the Chinese CEFC China Energy.

En+ owns 48,13% UC Rusal, the electricity the EuroSibEnergo, metallurgical and coal assets. In 2016, the group’s revenue is made up of 9.78 billion dollars. Forbes estimates the state Deripaska 5.1 billion.

Holding Deripaska’s En+, announced an IPO – the first in London after the imposition of sanctions 05.10.2017

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