Etalon aims to raise up to $650m in London float

RUSSIAN property developer Etalon started its European investor roadshow yesterday ahead of its bigger-than-expected $650m (£403m) London float planned for later this month.

Etalon said yesterday it plans to offer its stock at between $7 to $9 per share – valuing the firm at between $2.06bn and $2.51bn.

The company, which develops high-end residential properties in Russia, announced in March that it hoped to raise $500m in the London markets. It has since decided to also sell some existing shares to take the total stake for sale to 28 per cent, worth up to $650m.

The company is aiming to float before the Easter bank holiday, one source told City A.M. yesterday.

Credit Suisse, alongside Russia-focused banks Renaissance Capital and VTB Capital, are accompanying the firm on a roadshow to drum up interest. The company hopes to use the money raised to buy land plots and finance new projects.

Etalon is competing with a number of prospective Russian floats this month, with Nomos bank hoping to raise $700m and sugar and pork producer Rusagro looking for $300m.