Novatek Makes IPO In London

Independent Russian gas producer Novatek is seeking to raise up to $1.5 billion in an initial public offering in London after it was valued at between $4.5 billion and $5.1 billion.

Novatek has set a price range for its placement of Global Depository Receipts in London at $14.75 to $16.75 per GDR. The set price range indicates that it would be prepared to accept a discount to the price of local shares. One local share would be equal to 100 GDRs. Novatek shares closed 1 percent lower on Thursday at $1,630 per share before the pricing announcement.