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UPDATE 1-Segezha sets IPO target range, pricing seen next week

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MOSCOW, April 21 (Reuters) - Russia’s Segezha set its initial public offering (IPO) price range at 7.75-10.25 roubles ($0.1012-$0.1338) per share, with pricing expected to be announced on or around April 28, the forestry company said on Wednesday.

Controlled by conglomerate Sistema, Segezha announced IPO plans this month aimed at raising at least 30 billion roubles from new shares.

That would result in a market capitalisation of 122.5-152.4 billion roubles, the company said.

Segezha said it expected to issue new shares representing up to 32.4% of its current share capital.

J.P. Morgan Securities, UBS AG London Branch and VTB Capital are acting as joint global coordinators and bookrunners, Segezha said.

Alfa Capital Markets, Bank GPB International S.A., BofA Securities and Renaissance Capital are joint bookrunners.

Sistema would remain the group’s major shareholder, Segezha said, and the conglomerate is expected to make available further shares pursuant to an overallotment option of up to 15% of the total number of shares offered.

Russia is set to see a rise in IPO activity this year, Swiss bank UBS said last month, after raising less than $2 billion in 2020 amid a fallout from the pandemic and sanctions.

Retailer Fix Price raised $2 billion this year via Russia’s largest IPO since the West imposed sanctions in 2014, though mid-sized gold producer GV Gold in late March postponed its planned Moscow IPO.

$1 = 76.6070 roubles Reporting by Olga Popova; writing by Alexander Marrow; editing by Andrew Heavens and Jason Neely

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