"Standard" can attract $ 500 million during an IPO

Moscow (Reuters) - St. Petersburg Construction Company - “Etalon group” ( Lenspsmu ) on Wednesday announced the intention to conduct an IPO with LSE listing. About $ 500 million “Etalon” plans to attract new shares from placing new shares, whether the current shareholders will sell their shares, it will be decided later, the company said. The Road show is planned to be launched on April 4, the book of applications will be closed on April 14, Reuters said a source close to placement. Also, the conditions of accommodation suggest an option for a reconciliation (Green Shoe) by 15 percent of the base size of the transaction. The organizers of the IPO are Credit Suisse, Renaissance Capital and VTB Capital. One of the organizers of the IPO appreciated the “Etalon” group of $ 2.1 - $ 2.5 billion, Reuters said sources in the financial market. In December 2009, the main shareholder of Lenspsmu Vyacheslav Zarenkov told reporters about plans to sell to investors 25-30 percent of the company's shares during the accommodation on the exchange in the second half of 2011. He then said that the whole company was estimated at $ 1 billion, and the placed package was $ 300 million. The St. Petersburg developer began to prepare for the IPO back in 2005, but the implementation of plans to enter the exchange for various reasons was postponed. In March 2008, Lenspsmu managed to attract a private investor in capital, selling 15 percent of the shares of the Baring Vostok investment holding. Later, Lenspsmu issued bonds of 2 billion rubles. Lenspetsmu is a large developer in the St. Petersburg market. The company's portfolio includes more than 60 objects with a total area of ​​2.33 million square meters, which provides developmental activities until 2014, the memorandum said. In the portfolio of the group 28 projects. In its structure, 61 percent is occupied by residential real estate, 22 percent - commercial and 16 percent - garages. All projects of the company are concentrated in St. Petersburg, with the exception of two projects in the Moscow and Kaliningrad regions. According to the results of 2010, the company's revenue amounted to 20.3 billion rubles, EBITDA - 6.9 billion rubles, and 34 percent profitability in EBITDA. The main final beneficiaries of Lenspetsmu are the Zarenkov family (68.3 percent), top managers (16.7 percent) and Baring Vostok Capital Partners (15 percent). (Olga Popova. Editor Anton Zverev)