OREANDA-NEWS. The Supervisory Board of Russia’s second-biggest bank VTB has set the offer price range for its planned IPO at between $11,3 and $12,9 per share, said a source close to the bank’s Supervisory Board. The source said the bank planned to float 22,5 percent of its increased authorized capital, raising over $6 billion and doubling its capital.

The IPO was scheduled for early May 2007. Earlier VTB President Andrei Kostin said the roadshow would be held from 7 to 11 May. According to VTB’s share issue prospectus, registered with the Central Bank of Russia, the bank will issue 17.343 billion new shares. It is going to float 1,734,333,866,664 shares with a nominal value of RUR 0,01. Up to 50 percent will be floated in Russia.

VTB’s authorized capital of 5,2 trillion shares will be raised by 30 percent, the new share issue accounting for 25 percent of the increased capital. VTB’s ordinary shares will be listed on the MICEX, RTS and the London Stock Exchange.

Private investors can make their bids through the offices of VTB and VTB-24 in more than 100 cities of Russia, until 7 May 2007. The bank offices will work everyday without closing for weekend and public holidays. For retail investors, the minimum bid is set at RUR 30,000 (approx. $1,165). The maximum is not specified, but extra documents would be required from those willing to buy more than RUR 10 million (approx. $388,000) of VTB stock.