Russian equities are off 15% since February, some of the country’s metals and mining firms are off 50% or more, and IPO investors are again putting a premium on deal size and liquidity. As such an up-to$214m sale of 25% of Siberian anthracite mining firm Sibanthracite was always going to need a big discount.
The question of “how big” was answered on Monday with the
company setting a price range that values the firm at as little as 3.3 times
2013 EV/Ebitda — up to 45% below an oft-referenced peer and up to 58% below the
top end of analyst fair value estimates.
Asset manager GLG’s