EuroSibEnergo, the country’s second largest hydro power producer, after RusHydro, is planning to offload 25 percent of equity for $1.5 billion. The company – promoted by Russian billionaire Oleg Deripaska, plans to pay off loans worth $1.1 billion it owes to Sberbank, from the IPO. The sale is due to hit the market in December this year and the road shows leading to its listing in Hong-Kong will begin on November 29.
EuroSibEnergo sells more than half of its power to RushAl, another company promoted by Deripaska. He holds stake in EuroSibEnergo through the group holding company EN+, which also owns 48% in RushAl. RushAl, the biggest Aluminum producer in the world raised close to $2.2 billion through its IPO in Hong Kong.
Several Russian companies plan to list in Hong Kong in the coming months to take advantage of Asia’s booming economy, according to Sergei Gritsai, Russia’s Consul general in Hong Kong. According to data available, companies have raised more than $40 billion through IPO route in Hong Kong this year alone.
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