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. Last Updated: 07/27/2016

VTB Wants to Raise Over $6Bln in IPO

VTB wants to raise over $6 billion when it floats around 22.5 percent of its shares in Moscow and London next month, a source close to the bank's supervisory board said Monday.

The source also said the board had set an indicative price range for the IPO at between 0.11 and 0.13 rubles (less than once cent) per share, valuing the bank at $30 billion to $35 billion.

The range is in line with valuations from analysts at the banks organizing the offering. The bank will have 6.9 trillion shares in circulation after an additional share issue. The final pricing of the deal is expected on May 11. VTB, the former Soviet foreign trade bank, plans to invest in expanding its retail operations and investment banking acquisitions.

Citigroup, Deutsche Bank and Goldman Sachs are joint global coordinators for the IPO, together with Renaissance Capital as joint bookrunners. VTB's retail arm, VTB-24, and Renaissance Online are also taking orders from Russian private investors.