per Etalon Group aims to raise up to $650 million from its London IPO, more than previously stated and valuing the company at as much as $2.51 billion.
Etalon, which builds residential property in Moscow and St Petersburg, said in a statement on Monday a sale of new shares would raise $500 million, while existing shareholders would sell stock to raise another $150 million.
The price range for the placing will be $7 to $9 per share, in the form of Global Depository Receipts (GDRs).
Etalon is one of four Russian private issuers trying to complete London floats to raise a combined total of more than $3 billion — more than double the amount raised by Russian companies in the whole of last year.
The group follows mobile phone retailer Euroset, which is looking for up to $1.5 billion including …