MOSCOW, April 8 (Reuters) – Russian forestry group Segezha is ready to announce plans for an preliminary public providing (IPO) in Moscow subsequent week, three monetary market sources advised Reuters on Thursday.
Russian corporations have lined up for fairness elevating this yr, with a $2 billion London IPO by low-price retailer Repair Worth FIXPq.L in March. The home market has been hit by new U.S. sanctions discuss, nonetheless, prompting gold miner GV Gold to postpone its IPO.
Segezha, managed by conglomerate Sistema AFKS.MM, goals to boost $400-$500 million, sources have advised Reuters, and potential traders are receiving invites to hitch pre-marketing.
UBS, JP Morgan, Financial institution of America, VTB Capital, Gazprombank and Renaissance Capital are arranging the deal, based on the sources. Segezha, which sources mentioned plans to make use of proceeds for additional improvement, declined to remark.
Funding bankers count on Russian corporations, again on international traders’ radar since late final yr, to boost no less than $10 billion in IPOs this yr, the very best in additional than a decade.
(Reporting by Olga Popova; writing by Katya Golubkova; enhancing by Jason Neely)
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