En+ estimated at 7 billion dollars

Oleg Deripaska found himself in London without any problems.
En + Group Oleg Deripaska placed GDR during an IPO on the London Stock Exchange at $ 14 per share: before the placement the entire group is valued at $ 7 billion, but its capitalization will be $ 8 billion "taking into account $ 1 billion in capital". In addition to En + itself, which will attract $ 1 billion to new receipts, Mr. Deripaska will receive $ 500 million as a selling shareholder (retaining 66% of the shares). The largest buyer will be AnAn Group (linked to the Chinese CEFC), which will receive about 6.25% for $ 500 million, and about 3.8% for $ 300 million will acquire Qatar's investment fund Qatar.

En + disclosed the parameters of the primary placement of global depositary receipts (GDR), which the company is currently conducting on the London Stock Exchange. Receipts will be placed at $ 14 per piece - at the lower boundary of the previously announced range of $ 14-17 for GDR. The whole company is thus valued at $ 7 billion, or, according to En +, $ 8 billion "taking into account $ 1 billion in capital". En + CEO Maxim Sokov thanked investors and noted that the group's IPO was the largest placement of the Russian company on the London Stock Exchange since 2012.

En + will sell 107 million new receipts, and another 35.7 million receipts will be sold by the company's main shareholder Oleg Deripaska. In total, investors were offered 18.8% of En + (prior to the realization of the option of organizers for additional placement), as a result of the sale of receipts, the company will receive $ 1 billion, and Mr. Deripaska - $ 500 million. The option for additional placement provided to the IPO organizers in case of oversubscription is about 0.8% company.

The largest investor will be Singaporean AnAn Group, associated with the Chinese CEFC, which will buy receipts for $ 500 million. The second largest investor will be the Qatar sovereign fund QIA, which will acquire securities worth $ 300 million. The Russian Direct Investment Fund (IPPI) today confirmed participation in the IPO along with sovereign funds from the Middle East and the Asia-Pacific region, not yet disclosed the amount and the acquired stake. According to Kommersant, RFPI, along with Middle East and Asian funds, can buy securities worth $ 25 million. Among other large investors, according to Kommersant, the American fund Capital World Investors (included in the Capital Group), which is ready to buy paper for the amount of over $ 100 million (according to Reuters - $ 125 million). The management companies of Sberbank and VTB could also show interest.

The final structure of the main shareholders and minority shareholders of En + after the IPO, according to Kommersant estimates, will look like this: Oleg Deripaska will have about 66% of the company, his family's structures - about 11.46%, directly from Polina Deripaska - about 6% this share is not included in the family package), AnAn has 6.25%, QIA and VTB have 3.8%. Thus, the free float will be about 13.3%. But these packages will somewhat decrease after the additional share issue in favor of Glencore, which will change its 8.75% stake in RusAl to about 11% En + (the group's stake in RusAl will rise to 56.88% as a result).

Technical bidding for En + receipts in London started today, November 3, trading on the main site will begin on November 8 (receipts will be available on the Moscow stock exchange).