Russian billionaire Oleg Deripaska could list another of his firms in Hong Kong in his latest effort to raise capital following the initial public offering (IPO) of metals giant UC Rusal, a banking source said yesterday.
“Indeed, there are such plans,” the source said, referring to the indebted Deipaska’s plans to list En+ Power, which is called EuroSibEnergo and is part of the En+ Group, Deripaska’s energy holding.
“Hong Kong is considered to be a priority venue,” the source said, adding that the company was looking to raise about US$1 billion and US$2 billion.
Rusal, whose majority shareholder is Deripaska, obtained listings last month on the Hong Kong and Paris stock markets, making it the first Russian company to list on the Hong Kong stock exchange.
Despite its lackluster debut, the listing allowed the metals giant to pay Russian and international creditors US$2.14 billion from the proceeds of the listings on the Hong Kong and Paris stock exchanges.
A spokesman for En+ Group said the group was considering IPOs for its companies but added that the group could not comment on plans to list specific assets.
A report in Kommersant business daily, citing a source familiar with EuroSibEnergo, said yesterday that the company hoped to raise around US$1 billion and US$2 billion, but added that it was unclear whether the listing would take place in the first half of the year.
EuroSibEnergo operates some of Russia’s largest hydroelectric stations, including those in Krasnoyarsk and Bratsk, with Deripaska’s UC Rusal aluminium smelters being its key consumers.
Analysts welcomed reports of the power company’s possible listing.
“Were it to happen, it would be positive for the utilities sector as there would be another big [and we think probably liquid] private utility,” VTB Capital said in a note to clients.