En+, the holding company of Russian billionaire Oleg Deripaska, said Thursday it is planning a listing on the London and Moscow stock exchanges, in a rare move since the West imposed economic sanctions on Russia. En+ Group plc, a leading power and aluminum producer, announced its “intention to proceed with an initial public offering to be admitted to trading” on the London Stock Exchange and the Moscow Exchange.
“The proceeds of the offering are expected to amount to approximately $1.5 billion,” it said in a statement. En+ said it expected to be listed in London in November and the Moscow listing would follow afterwards. Singapore-based fund AnAn would buy shares worth $500 million as part of the IPO, the statement said. En+ owns the power supplier En+ Power and also holds a 48.1-percent stake in aluminum giant RUSAL.
“We are pioneering the renewable energy and clean metals model, and a successful IPO would deleverage the group and provide an opportunity to enhance our platform,” said chief executive Maxim Sokov. “We are very pleased to be listing in London, a universally respected financial center and a global hub for the energy and metals sectors,” Sokov said.
He said that listings in London and Moscow “will further increase our profile among the international financial community, support our deleveraging plans and give new investors a chance to participate in an exciting yield and growth story.”
Russian companies have struggled to raise capital since the US and EU countries imposed biting sanctions over Moscow’s meddling in Ukraine, where pro-Russian separatists have been fighting with Kiev since 2014.
En+ has not been directly targeted by the sanctions.