– Russian direct investment Fund (RDIF) and its co-investors the number of funds Middle East and Asia – will take part in IPO En+ of Oleg Deripaska. This was reported “Interfax” a source familiar with the placement. The representative of the Russian direct investment FUND this information has not commented.
En+ plans to hold an IPO on the London stock exchange also received a listing in Moscow.
The range of the offering price in the IPO En+ is $14-17 per GDR, the company said on Monday. This corresponds to the rating of the entire company (up to the receipt of cash from issuing new shares) at $7-8. 5 billion excluding the option at the additional floatation volume of the transaction may amount to 15.8-18.8% of the enlarged capital.
From 23 October, we began the road show and the formation of the order book as part of the transaction, the process will be completed in early November, after which the company will announce the offering price.
The company IPO may raise $1 billion, the structure of its main shareholder, Oleg Deripaska – $0.5 billion.
The selling shareholder will provide to the organizers an option for oversubscription of up to 10% of transaction amount.
The current structure of shareholders En+ looks, according to the prospectus for the placement, as follows: Deripaska owns 82,65% after B-Finance (61,55%) and Basic Element (21,1%), 13% from members of his family (including 6.9%, passed in October, the wife of the businessman Polina Deripaska), 4,35% owned by VTB .
The IPO will participate in the anchor investor: AnAn Group, the structure of Chinese CEFC will invest in En+ $500 million at the offering price. On the basis of the price range ($14-17 per GDR), for that amount she will be able to purchase approximately 5.9-7,1% En+.
Another new shareholder of the company will be a trader Glencore. As announced last week, “daughter” Glencore Amokenga Holdings – converts your 8,75% of actions “Rusala” in GDR En+ Group. It is expected that conversion will occur upon completion of the IPO En+, the conversion price will be calculated based on the price of the offer GDRs during the IPO and the average price of the shares of “RUSAL” at the Hong Kong stock exchange over the 60-day period preceding the IPO En+.
If the deal will be sold shares for all of the claimed amount, it will be the largest Russian IPO in the last five years (at the end of 2012, the operator “MegaFon” took place for a total of $1.86 billion given the option of the organizers).
Funds from the IPO the company intends to use to repay debt, in particular, for the full repayment of the VTB loan, the debt on which on 30 June 2017 was $942 million, according to the prospectus.
En+ Group is the main shareholder of “RUSAL” (now the share of 48.1%, after the conversion package Glencore will increase to 56.9 per cent), owns the largest private Russian power company EuroSibEnergo, a manufacturer of ferromolybdenum – the company “SMR”, En+ Downstream (aluminum products), coal assets and logistics business.