Etalon Group Ltd, one of Russia's largest real estate developers, is set to raise $575 million after placing 28% of its shares in an initial public offering on the London Stock Exchange, less than the $650 million it expected it raise, Etalon said on Friday.
Etalon holding company, which includes one of St Petersburg's largest construction companies LenSpetsSMU, has sold Global Depositary Receipts for $7 per GDR, the bottom end of its $7-9 price guide. One GDR represents one ordinary share.
Trading in GDRs will start 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, April 15 (RIA Novosti)
