LONDON (Thomson Financial) - Prosperity Capital Management Ltd said it has launched the institutional offering of shares in New Russian Generation Ltd (NRGL) as part of its plan to list the shares on the London Stock Exchange by the end of the year.
The price range has been set at 9.05-11.15 usd per share, giving an implied market capitalisation of 1.45-1.79 bln usd, Prosperity -- NRGL's investment manager -- said in a statment.
Based on the price range, the offering size is expected to be around 480-590 mln usd, it added.
The offering will comprise new shares and a sale of existing shares by some existing NRGL shareholders in a ratio of 52-48 pct.
An additional 10 pct of the base deal size has been alloted to the underwriters as an over-allotment option.
The shares are expected to be priced on Nov 15, with trading on a conditional basis set for Nov 16.
The company intends to use the proceeds from the issue to increase its holdings in some of the initial portfolio companies and take advantage of other strategic investment opportunities as they arise, the company added.
NRGL is a newly established Guernsey-based closed-ended investment company, which aims to build its portfolio of minority holdings in power utility companies in Russia and other CIS member states.
Its initial portfolio of assets includes significant minority stakes in 3 combined heat and power generation companies (TGK-2, TGK-4 and TGK-6), and in several regional electricity distribution companies. tfn.newsdesk@thomson.com sim/pmi/slj COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
© 2007 AFX News
