MOSCOW Dec 22 En+ Group, a holding company for
Russian tycoon Oleg Deripaska's assets, is considering
conducting an initial public offering in 2017, two banking
sources and one industry source told Reuters on Thursday.
En+ holds assets in metals and mining, energy and coal,
including a 48 percent stake in Rusal, a Hong
Kong-listed Russian aluminium producer, which in turn owns a
stake in a mining giant Nornickel.
VTB Capital, which holds a 4.35 percent in En+, is one of
the arrangers for the deal, one of the two banking sources said.
The source did not say which other banks were working on the
potential deal. En+ declined to comment.
En+'s consolidated revenues totalled $11.9 billion and
adjusted EBITDA was at $2.2 billion in 2014, the last time the
VTB Capital, the investment banking arm of Russia's No.2
lender VTB, bought the 4.35 percent stake in En+ for
$500 million in 2011.
The deal valued the entire group at $11.5 billion and was
seen by a source close to the process at the time as the first
step towards En+'s IPO.
(Reporting by Olga Popova, Kira Zavyalova, Polina Devitt and
Anastasia Lyrchikova; Writing by Katya Golubkova; Editing by