After several delays and postponements early in the year, Russian IPOs have returned to the IPO calendar, hoping to capture investor interest with stories of high growth and an emerging economy.
First on deck is Etalon group, a Russian residential real estate development firm. Etalon is selling $500 million in GDRs at a price range of $7 to $9 apiece. Proceeds will be used to acquire new land plots and finance working capital requirements. Credit Suisse and Renaissance Securities are the lead underwriters on the deal, which is expected to price on or around April 15 ahead of listing on the LSE.
An IPO by Russian lender Nomos Bank is also expected within the next few weeks. Nomos is seeking roughly $600 million in an initial public offering and plans to list GDRs in London and ordinary shares in Russia. GDRs will sell at a price range of $16.00 to $18.50 apiece and ordinary shares for between $32 and $37 apiece. Citi, Deutsche Bank and Credit Suisse are the lead underwriters on the deal, which is expected to price on or around April 19.
The largest of the four IPOs is a planned $1.2 billion offering by Russia's largest mobile phone retailer, Euroset NV. The company is offering 15 million GDRs and the selling shareholder (Russian billionaire Alexander Mamut) is offering an additional 102 million shares at a price range of $9.25 to $11.30 apiece. The deal is expected to price before the end of April. Alfa Capital Markets, Credit Suisse and Goldman Sachs are the lead undwriters.
Rounding out the list is a $300 million offering by Russian food processing company Rusagro. GDRs will sell for $13.50 to $17.00 apiece, and the offering is expected before the end of the month. Renaissance Securities, Credit Suisse and Sberbank are the lead underwrites on the deal.
