O1 Properties, a Russian private investment and development firm owned by businessman Boris Mints, has set the price range of its Initial Public Offering (IPO) in London at $11-13 per Global Depositary Receipt, Kommersant business paper reported on Wednesday.
The price range values the company between $977 million to $1.078 billion and indicates it should raise about $425 million.
An analytical report by UBS, one of the company’s IPO managers, says O1 will offer investors 30-39 percent of its stock represented by Global Depositary Receipts. If investors’ demand comes closer to the lower limit of the price range, the company may increase the share offering to 40-45 percent, a source close to O1 told the paper.
O1 intends to use the IPO proceeds to buy Moscow business centers Ducat Place III and Silver City and repay its debts.