Lithuania's Ignitis Group says IPO to raise up to 585 million euros

VILNIUS (Reuters) - Lithuania’s state energy company Ignitis Group said in a statement on Monday it plans to list the firm on around October 7 in an initial public offering (IPO) set to value the company at 1.7-2.1 billion euros ($2.0-2.5 billion).

If successful, the IPO on Nasdaq Vilnius and London Stock Exchange, consisting of 27.8% of Ignitis share capital, would bring in between 470 and 585 million euros for the company which it intends to use to facilitate growth, Ignitis said.

The Lithuanian government will still own the remaining shares.

The offer will have two tranches, one for institutional investors and the other for residents of Lithuania, Latvia and Estonia. The size of the tranches have not yet been announced.

Sources told Reuters in August that the company was on track to launch an IPO, valuing the company at around 1.5 billion euros.

Reporting By Andrius Sytas; editing by Johannes Hellstrom