Russia's Etalon Group developer says to float shares on LSE

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Etalon Group Limited, one of Russia's largest real estate developers, has filed an application for its Global Depository Receipts to be admitted to listing on the London Stock Exchange's Main Market under the ETLN ticker, it said on Wednesday.

Etalon Group Limited, one of Russia's largest real estate developers, has filed an application for its Global Depository Receipts to be admitted to listing on the London Stock Exchange's Main Market under the ETLN ticker, it said on Wednesday.

One Global Depository Receipt represents one ordinary share, Etalon holding company, which includes one of St Petersburg largest construction companies LenSpetsSMU, said in an intention to float.

"The offering is expected to comprise approximately $500 million newly issued ordinary shares of the company, while the number of existing ordinary shares to be offered will be determined at a later stage. An overallotment option of 15% of the base offering size will be provided by the existing shareholders. Following the transaction there shall be a lockup period of 180 days for the company and existing shareholders," the company said.

LenSpetsSMU announced an intention to carry out an Initial Public Offering in 2011 and will meet with investors on Wednesday.

Etalon intends to use funds raised in the IPO to acquire land plots and to replenish working capital.

Credit Suisse, Renaissance Capital and VTB Capital were appointed as the issue's global coordinators and bookrunners.

Etalon's portfolio comprises 28 development projects with a total of 3.13 million square meters of net sellable area.

MOSCOW, March 23 (RIA Novosti)

 

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