Etalon joins the ranks of the Russian IPO hopefuls

Marion Dakers
PROPERTY developer Etalon yesterday became the latest Russian firm to announce a public float in London, after the family-owned business said it planned to sell off some of its stake later this year.

Etalon, which builds residential property in Moscow and St Petersburg, said it planned to issue around $500m (£307.8m) of new shares and use the cash to buy new land plots.

Etalon plans to start a roadshow on 4 April, one source said yesterday, though the firm has yet to name a date for the share sale. Credit Suisse, Renaissance Capital and VTB Capital are acting as joint global coordinators and joint bookrunners on the sale.

Credit Suisse and VTB are also working with Russian bank Nomos, which is planning a $700m float in the next three months.