Etalon Group Limited IPO; Largest London Listing by a Russian Business this Year

April 20, 2011

Cleary Gottlieb represented Etalon Group Limited in its initial public offering. The offering was of an aggregate of 82,142,857 global depositary receipts (GDRs) representing 71,428,571 newly issued ordinary shares and 10,714,286 existing ordinary shares. The GDRs were sold at a public offering price of $7 each, and the gross offering size was $575,000,000.

The offering priced on April 14 and closed on April 20 and was the largest London listing by a Russian business this year.

Renaissance Capital, VTB Capital and Credit Suisse acted as joint book-running managers for the offering.

Etalon is one of Russia’s largest and oldest Russian real estate developers with a leading position in the St. Petersburg area and a growing presence in the Moscow area. Since its inception in 1987, Etalon has completed a total gross buildable area of 2.7 million square metres.