Russian drugs maker Pharmstandard said today it was seeking a valuation of between $1.75 billion and $2.20 billion at its upcoming London initial public offering (IPO).
The company said investors were given an indicative price range of $11.55-$14.55 per Global Depositary Receipt (GDR) and $46.20-$58.20 per share.
The book-building and international roadshow for investors starts on Monday, and final pricing should be set by May 4th.
Citibank and UBS are joint global coordinators for the IPO and have an over-allotment option to purchase GDRs representing up to 15 per cent of the total number on offer.
Pharmstandard, which has a small listing on Moscow's RTS exchange, plans to float a stake of up to 40 per cent in London and Moscow.
The company says it was the fourth-largest drug company operating in Russia by sales volume last year. An independent researcher said it had grabbed the lead in the commercial sector of the market early this year.
Some analysts have found the company's mid-range valuation of around $2 billion ambitious. The absence of listed rivals also makes it hard to estimate how the market values the company.