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. Last Updated: 07/27/2016

VTB Starts Share Offer Ahead of IPO

VTB began a share offering for Russian retail investors on Monday ahead of an international IPO planned for May, when banking sources say it is seeking to raise up to $6 billion.

State-owned VTB, which will be the first Russian bank to float in London, said in a statement that it would accept offers in Russia until May 7. The minimum bid is 30,000 rubles ($1,154).

Banking sources said the investment banks organizing the IPO had valued VTB at between $25 billion and $30 billion, but several said the higher number was more realistic.

VTB expects foreigners to buy 95 percent of the shares that it is selling in IPO, Interfax reported Monday, citing an unidentified manager with the lender.

VTB expects 70 percent of the shares sold to trade in London, 25 percent in New York and only 5 percent in Russia, the VTB manager told Interfax.

Reuters, Bloomberg