ENRC may borrow $3 bn. during IP, Deutsche Bank estimated company at $14-17 bn.

/INTERFAX-AFI, Moscow, November 24, 07/ - Kazakhstan holding Eurasian Natural Resources Corporation (ENRC) may borrow $3 bn. during IPO, the source close to deal told to Interfax-AFI agency. "Company had already started the pre-marketing, road show starts in beginning of December, closing of bids' book is expected till the middle of December", - he told. Free float of the company after offering makes not less than 20%. Deutsche Bank in its analytical materials had estimated the company before IPO at $14-17 bn. Relation of capitalization of company to EBITDA corresponds 5.5-6.7 prognosis EBITDA for year 2008, while in average by metallurgical sector of Europe - 6.6 EBITDA. As it was informed earlier, ENRC last week announced about intention to make offering of shares on the main floor of London stock exchange. Main organizer of IPO is Deutsche Bank, co-organizers are - ABN Amro Rothschild, Credit Suisse and Morgan Stanley. Free float of the company after offering makes not less than 20%. ENRC consolidated assets of such enterprisers as Kazchrome, Aluminum of Kazakhstan, Kazakhstan electrolysis plant, Zhayremskiy ore mining and processing combine, Sokolovsko-Sarbayskoye ore mining production unit, Eurasian energy corporation and also ENRC Logistics and ENRC Marketing & Sales. 24.8% shares of ENRC belong to government of Kazakhstan. [2007-11-26]