Billionaire Oleg Deripaska's En+ holding company officially floated on the London Stock Exchange on Wednesday, the first initial public offering by a Russian company since sanctions were launched against Moscow. Shares in En+ stood at $13 (11.22 euros) around 1240 GMT, 7.14 percent less than its initial listing price of $14 but still valuing the company at $8 billion.
Energy company En+, aluminium giant Rusal's largest shareholder and a leading power producer, announced its intention to float on the London Stock Exchange at the start of October. This is the first listing of a Russian company on the exchange since the West imposed sanctions on Russia in 2014 for its role in the Ukraine crisis. The stock is also being listed on the Moscow Exchange. It is "the largest IPO in the Metals & Mining and Utilities sectors worldwide to date in 2017", according to En+ director general Maxim Sokov.