Russian oligarch Oleg Deripaska is understood to be valuing his electricity producer EuroSibEnergo at around $8bn (£5.1bn) ahead of a planned Hong Kong IPO this autumn.
The billionaire, who successfully listed aluminium giant Rusal on the same bourse in January, is currently marketing his power unit – formerly called En+ Power – to potential cornerstone investors in Moscow.
Deripaska hopes to list 25 per cent of EuroSibEnergo shares, meaning he could raise
$2bn in what would be a huge boost to the flagging Russian IPO market.
The Rusal float generated $2.2bn at the beginning of the year, but the Russian IPO market has been all but closed since then as investors fret amid global economic uncertainty.
Deripaska was Russia’s richest man before last year’s economic slowdown plunged his metals and power empire into financial crisis – only alleviated by a major debt restructuring and the Rusal IPO. Deutsche Bank and China’s BOC International are set to be the joint bookrunners on the EuroSibEnergo IPO.
City A.M. Reporter