Reuters: Financial Services and Real Estate: UPDATE 1-O1 Properties seeks $425 mln in London listing

Reuters: Financial Services and Real Estate Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 1-O1 Properties seeks $425 mln in London listing May 1st 2012, 08:32 Tue May 1, 2012 4:32am EDT * Share price range set at $11-$13 * Values firm at $977 million to $1.08 billion * Will repay borrowings, fund acquisitions MOSCOW, May 1 (Reuters) - Russian real estate investment company O1 Properties said it aims to raise about $425 million from a London stock market listing to invest in Moscow's booming commercial property market. O1 Properties, set up by former directors at Moscow brokerage Otkritie, announced a price range of $11-$13 per share for its initial public offering (IPO) of new stock on Tuesday. It was not clear how many shares the company plans to sell. The IPO would be Russia's biggest since fertiliser group Phosagro raised $538 million in London just before equity markets slumped last July. O1 Properties is owned by Boris Mints, also co-owner of Otkritie, Kommersant newspaper reported last year. Based on the IPO price range, the company would be valued at $977 million to $1.08 billion. The offering may increase by $60 million if an over-allotment option is used, O1 Properties said. The company, which owns mixed-use sites including offices and restaurants around the Russian capital, said it intends to use the money raised to fund two business centres in Moscow and to repay debt. Ruspetro, an oil company with assets in Siberia, raised $250 million in January in the only Russian IPO so far this year. Polyus Gold, Russia's largest gold firm, is talking to investors about placing a stake worth hundreds of millions of dollars as part of plans for a premium London stock market listing. Morgan Stanley and VTB Capital are acting as joint global coordinators of the O1 Properties offering. Morgan Stanley, UBS Investment Bank and VTB Capital are acting as joint bookrunners, and UniCredit Bank as the co-lead manager. Link this Share this Digg this Email Reprints

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