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En+ Group eyes US$1.5B from possible London IPO

En+ Group Ltd. intends to raise about US$1.5 billion from a possible initial public offering in London, Reuters reported June 2.

The group, which manages Russian tycoon Oleg Deripaska's aluminum and hydropower businesses, may make the decision on the IPO over the next 18 months, Deripaska told Rossiya 24 TV on the sidelines of the St. Petersburg International Economic Forum.

Deripaska added that the group is not in a hurry to reach a deal and may wait for better market conditions as several other Russian firms are expected to do their deals soon.

EN+ Group owns a 48% stake in Russian aluminum company United Co. Rusal Plc.

In late April, En+ was reported to be targeting up to US$2 billion from floating 20% to 25% of the company in London and Moscow as early as June. The sources also noted that the proceeds would be used to reduce the group's debt of over US$5 billion.

The group's IPO plans were also reported in December 2016, with markets including London and Hong Kong being considered at the time.