Russian developer, Etalon Group, is seeking to raise about $650 million in an initial public offering (IPO), Bloomberg reports. The company will sell new and existing global depositary receipts (GDRs) at $7-9 per share, valuing the company at about $2.51 billion.

The developer may raise $500 million through new shares and existing shareholders, including Chairman Viacheslav Zarenkov, may sell $150 million of stock. Credit Suisse Group, Renaissance Capital and VTB Capital have been appointed to manage the London Stock Exchange listing.

Click here for the story from Bloomberg.

Click here for the additional coverage from Reuters.