Page 89 - RUSRptApr17

PhosAgro, ord
PHOR RX
RUB
30
1.30%
5.00%
6.30%
13-Jun-17
PhosAgro, GDR
PHOR LI
USD
0.18
1.20%
5.10%
6.30%
13-Jun-17
NLMK, GDR
NLMK LI
USD
0.58
2.90%
5.70%
8.60%
14-Jun-17
NLMK, ord.
NLMK RX
RUB
3.38
3.00%
5.80%
8.80%
14-Jun-17
Severstal, ord.
CHMF RX
RUB
27.73
3.20%
6.20%
9.40%
20-Jun-17
Severstal, GDR
SVST LI
USD
0.46
3.00%
6.30%
9.40%
20-Jun-17
Sistema, ord.
AFKS RX
RUB
0.81
3.60%
1.80%
5.40%
13-Jul-17
Sistema, GDR
SSA LI
USD
0.29
3.20%
1.60%
4.80%
13-Jul-17
Source: VTBC
8.3.3 ECM news
The En+ energy and metals holding of Russian oligarch Oleg Deripaska is hoping to raise up to $2bn in an IPO of 20% of its shares , Vedomosti daily reported on April 10, citing unnamed sources familiar with investor meetings held by the company. This further possible addition to the wave of Russian equity deals in 2017 could reportedly take place in May given favourable market conditions. The IPO is planned in London and possibly in Moscow, while a Hong Kong listing is not being considered despite previous unofficial reports . En+ holds mining, metals, and energy assets, with the biggest assets being 48.13% in the Rusal aluminum producer, Evrosib-Energo holding, and Krasnoyarsk metal works The total debt of the holding on all assets exceeds $13bn. Analysts surveyed by Vedomosti still regard the holding's current reported $10bn valuation to be too high, despite the promise of regular dividends and developing synergies between its energy and aluminium assets . In March, unnamed managers of investment funds told the daily that even $6-8bn is seen as too expensive a valuation for En+, noting that holdings usually trade at a discount to the sum of their assets, and expecting a valuation of $4-5bn.
Russia's largest online company, Yandex, has hired JP Morgan to find investors for a share its taxi service Yandex.Taxi , Kommersant reported on April 26. According to the report, Yandex seeks to attract between $150mn (€138mn) and $200mn (€184mn) in exchange for a share of between 12.5% and 16.7%. Sberbank, VTB and Russian Fund of Direct Investment (RFPI) are mentioned as possible participants in the sale. An unnamed source told the newspaper that consultations have been held with a number of European and Asian investors, including those which have already invested in similar services, including Softbank Capital and Tiger Global. Carmakers, including Hyundai Motor, are also reportedly being considered. Launched in 2011, Yandex.Taxi currently operates in 46 cities in Russia, Belarus, Armenia, Kazakhstan, Georgia and Ukraine, with about 70,000 cars using it.
Capitalisation of Russia's Tinkoff Bank in London exceeded $2bn for the first time in three years , Vedomosti reported on January 9. Shares of the TCS Group controlling the private retail bank traded at $11, up by 1.38%. Shares of TCS Group recovered and soared 3.5-fold in price in 2016. Tinkoff made an IPO in London in 2013, when it was valued at $3.2bn. Tinkoff Credit Systems (TCS), partly owned by Goldman Sachs, saw its net income go up 34% quarter-on-quarter to RUB2.5bn ($38.6mn) in April-June, bringing the lender's January-June earnings to RUB4.4bn, with a very robust 37% ROE.
89 RUSSIA Country Report April 2017 www.intellinews.com