EuroSibEnergo could launch IPO preparations in autumn
MOSCOW. March 29 (Interfax) - EuroSibEnergo, a member of Oleg Deripaska's En+ Group, could launch preparations for an IPO in the autumn of 2011.
"We're not currently in any IPO-related procedures. It could all happen in the autumn," Andrei Likhachev, deputy chief of En+ Group and the chairman of the board of directors at EuroSibEnergo PLC, told reporters.
EuroSibEnergo had already gone through placement-preparation procedures last year, Likhachev said. "We have this year done all the necessary preparations for the company to go public. That, in my view, was needed independent of whether it [the company] will be so or not for some period of time," he said.
Asked how he viewed the current state of the market for an IPO, Likhachev responded, "We have not placed. There's the answer."
At the end of February, Interfax reported sources saying that EuroSibEnergo had in the search for investors put off its IPO until fall from the earlier planned late March or early April of this year. The company has found one company for the placement - China's Yangtze Power Company, which plans to acquire $168 million worth of securities in the IPO. EuroSibEnergo is looking to place 25% of its capital and raise $1-$1.5 billion.
EuroSibEnergo controls power stations with rated generating capacity of 19.5 gWt overall. More than 15 gWt is produced by large hydropower plants. The company also has coal deposits containing about 1.29 billion tonnes.
