September 28, 2017 / 12:20 PM / 2 years ago

Russia's En+ plans to announce IPO next week: three sources

Russian tycoon Oleg Deripaska attends the 7th annual VTB Capital "Russia Calling!" Investment Forum in Moscow, Russia, October 13, 2015. REUTERS/Sergei Karpukhin

MOSCOW (Reuters) - En+ Group, which manages Russian tycoon Oleg Deripaska’s aluminium and hydropower businesses, plans to announce next week the launch of its initial public offering (IPO), three sources familiar with the matter told Reuters.

En+ previously planned to announce its intention to float (ITF) as early as Sept. 28, financial market sources told Reuters last week, provided that all preparations were done on time.

En+ is now planning the announcement for the second part of next week, according to the three sources familiar with the matter, who spoke on condition of anonymity. One of the three sources said the timing could still change.

Asked about the timing of the announcement, En+ declined to comment.

En+ aims to raise about $1.5 billion from the possible IPO, Deripaska said in June. Sources familiar with the deal told Reuters earlier this year that En+ planned to list shares both in London and Moscow

En+ owns assets in metals and energy, including a 48 percent stake in Hong Kong-listed Russian aluminium producer Rusal (0486.HK), which is a big consumer of hydroelectricity produced by companies owned by En+.

China’s CEFC is considering investing in En+ as part of the IPO, industry sources told Reuters this month. CEFC said at the time it had no immediate comment.

Reporting by Anastasia Lyrchikova and Katya Golubkova; Editing by Christian Lowe

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