October 5, 2017 / 12:01 PM / 2 years ago

Russia's En+, Deripaska to use bulk of IPO proceeds to reduce debt

MOSCOW (Reuters) - Russia’s En+ Group, which launched its initial public offering on Thursday, and its shareholder Oleg Deripaska plan to use the bulk of the proceeds received from the IPO to reduce the company’s debt, Chief Executive Maxim Sokov told reporters.

En+ aims to sell new and existing shares worth $1.5 billion, of which $1 billion is expected to be new capital. The London listing is expected to take place in November.

Reporting by Anastasia Lyrchikova; writing by Katya Golubkova; editing by Jason Neely

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