UPDATE 1-Russian forestry group Segezha targets $387 mln in IPO

(Adds detail of roadshow and pricing, background)

MOSCOW, April 12 (Reuters) - Forestry group Segezha announced plans on Monday for an initial public offering (IPO) on the Moscow exchange, the latest Russian company aiming for a listing.

Segezha, controlled by conglomerate Sistema, said the IPO would involve a primary offering of newly issued shares to raise at least 30 billion roubles ($387 million), plus an over-allotment option of secondary shares.

A roadshow is scheduled to begin on April 19, with pricing on April 26, two financial market sources told Reuters. Sistema will remain Segezha’s majority shareholder, Segezha said.

Reuters reported last Thursday that Segezha would announce an IPO this week.

Russia is set to see a surge of IPO activity this year, Swiss bank UBS said last month, after raising less than $2 billion in 2020 amid fallout from the pandemic and sanctions fears.

Retailer Fix Price has already raised $2 billion this year via Russia’s largest IPO since 2014, when the West imposed sanctions.

But the market has since come under new sanctions pressure, prompting mid-sized gold producer GV Gold to postpone an IPO in Moscow late last month.

$1 = 77.6066 roubles Reporting by Olga Popova and Maxim Rodionov; Writing by Tom Balmforth; Editing by David Goodman and Jan Harvey