Siberian-sized discount for Russian mining IPO

By Andrew Griffin
01 Jul 2013

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 ...

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