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Russian property developer Etalon raises $575 mln in public offering

Posted on 18 April 2011

Etalon Group Ltd., a developer that builds high-rise apartment blocks in Moscow and St. Petersburg, raised $575 million in an initial public offering and will use most of the proceeds to buy land.

Etalon sold 82.1 million global depository receipts for $7 each in the London share sale, the St. Petersburg-based company said in a statement today. That was at the bottom of the $7 to $9 range used to canvass investor interest in the stock. Etalon is expected to list on the London exchange on April 20………………………………………Full Article: Source


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