OAO EuroSibEnergo, Russian billionaire Oleg Deripaska’s power utility, plans to seek $1.5 billion in an initial public offering in Hong Kong in December, Deripaska told reporters in Tokyo yesterday.
The sale would be the second by a company controlled by Deripaska in Hong Kong this year. United Co. Rusal, the world’s largest aluminum producer, raised about $2.2 billion in January in the first IPO in China by a Russian company.
EuroSibEnergo sells more than half its electricity to Rusal and is Russia’s second-largest hydropower producer after OAO RusHydro. Deripaska owns EuroSibEnergo via the same EN+ Group holding company that holds his 48 percent stake in Rusal.
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