UPDATE 1-O1 Properties to start IPO premarketing Weds-sources

Tue Apr 17, 2012 8:23am EDT

* O1 planning to raise around $500 million-sources

* Plans to list in London - source

* Morgan Stanley, UBS and VTB Capital bookrunners-sources

* Would be largest Russian IPO since Phosagro

By Olga Popova and Olga Sichkar

MOSCOW April 17 (Reuters) - Russian real estate developer O1 Properties is to start pre-marketing for a planned initial public offering (IPO) on Wednesday April 18, according to one source close to the deal and two financial market sources.

The source close to the deal said the company plans to list in London, in what would be only the second overseas Russian IPO of 2012.

The company has been planning an IPO in the first half of the year, sources previously told Reuters, targeting around $500 million to invest in Moscow's booming commercial property market.

O1 Properties, set up by former directors at Moscow brokerage Otkritie, owns multi-purpose sites used for offices, restaurants and other leisure activities around the Russian capital. The group is owned by Boris Mints, also co-owner of Otkritie.

Sources previously said the company has hired Morgan Stanley, UBS and VTB Capital as bookrunners.

The listing could be the biggest Russian IPO since fertiliser group Phosagro raised $538 million in London just before equity markets collapsed last July.

Ruspetro, an oil company with assets in Siberia, raised $250 million a month ago in the only Russian IPO in the year to date.

Russia's largest gold firm Polyus Gold is also planning a share sale worth between $700 million and $1 billion in late April, sources previously told Reuters. [ID: nL6E8EU2WI]

O1 Properties declined to comment.

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