Russian Tycoon Deripaska's En+ Considers IPO in 2017
En+ holds assets in metals and mining, energy and coal, including a 48 percent stake in Rusal, a Hong Kong-listed Russian aluminium producer, which in turn owns a stake in a mining giant Nornickel.
VTB Capital, which holds a 4.35 percent in En+, is one of the arrangers for the deal, one of the two banking sources said. The source did not say which other banks were working on the potential deal. En+ declined to comment.
En+'s consolidated revenues totalled $11.9 billion and adjusted EBITDA was at $2.2 billion in 2014, the last time the company reported.
VTB Capital, the investment banking arm of Russia's No.2 lender VTB, bought the 4.35 percent stake in En+ for $500 million in 2011.
The deal valued the entire group at $11.5 billion and was seen by a source close to the process at the time as the first step towards En+'s IPO.