November 1, 2017 / 3:53 PM / a year ago

UPDATE 1-Order book for IPO of Russia's En+ fully covered - sources

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MOSCOW, Nov 1 (Reuters) - The initial public offering (IPO) of En+, which manages tycoon Oleg Deripaska’s aluminium and hydropower businesses, has received at least as many orders from investors as the number of shares on sale, three market sources told Reuters on Wednesday.

Russia’s En+ Group expects to raise a total of $1.5 billion through the sale of new and existing shares in London and Moscow.

Two of the sources said the order book was covered for all the shares being sold, but not including a so-called greenshoe option where more stock can be sold depending on demand.

The book is expected to close on Thursday.

The price range was set at between $14 and $17 per Global Depositary Receipt (GDR), with the company’s stock market value expected in a range of $7 billion to $8.5 billion on a “pre-money” basis, which excludes cash raised in the offering.

The IPO will represent 15.8 to 18.8 percent of En+’s issued share capital, excluding the greenshoe option.

The Russian Direct Investment Fund, along with investors from Asia and the Middle East, plan to take part in the offering, according to media reports. Singapore’s AnAn Group, a strategic partner of China’s CEFC, intends to purchase $500 million of GDRs, En+ has said.

One of the three sources and a fourth financial market source said Qatar was also considering investing in the offering. However, the list of investors has not been disclosed. En+ declined to comment. (Reporting by Olga Popova and Anastasia Lyrchikova; Writing by Katya Golubkova; Editing by Jack Stubbs and Mark Potter)

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