Etalon’s Share Sale to Value Russian Developer at $2.5 Billion
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Etalon Group Ltd., a developer that builds high-rise apartment blocks in Moscow and St. Petersburg, plans to raise as much $650 million in an initial public offering and will use most of the proceeds to buy land.
Etalon set a price range of $7 to $9 per global depositary receipt, valuing the company at as much as $2.51 billion, according to a statement today. The developer will sell an undisclosed number of new and existing GDRs, which will trade on the London Stock Exchange.