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Russian tycoon Deripaska's En+ considers IPO in 2017 - sources
December 22, 2016 / 2:38 PM / a year ago

Russian tycoon Deripaska's En+ considers IPO in 2017 - sources

MOSCOW, Dec 22 (Reuters) - En+ Group, a holding company for Russian tycoon Oleg Deripaska’s assets, is considering conducting an initial public offering in 2017, two banking sources and one industry source told Reuters on Thursday.

En+ holds assets in metals and mining, energy and coal, including a 48 percent stake in Rusal, a Hong Kong-listed Russian aluminium producer, which in turn owns a stake in a mining giant Nornickel.

VTB Capital, which holds a 4.35 percent in En+, is one of the arrangers for the deal, one of the two banking sources said. The source did not say which other banks were working on the potential deal. En+ declined to comment.

En+’s consolidated revenues totalled $11.9 billion and adjusted EBITDA was at $2.2 billion in 2014, the last time the company reported.

VTB Capital, the investment banking arm of Russia’s No.2 lender VTB, bought the 4.35 percent stake in En+ for $500 million in 2011.

The deal valued the entire group at $11.5 billion and was seen by a source close to the process at the time as the first step towards En+’s IPO. (Reporting by Olga Popova, Kira Zavyalova, Polina Devitt and Anastasia Lyrchikova; Writing by Katya Golubkova; Editing by Andrew Osborn)

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