Russian Helicopters has deferred a $500 million flotation on the London Stock Exchange, The Wall Street Journal reports. The fund-raising was to be split between new shares, earmarked for debt repayment and existing shares being sold by the government corporation.
The IPO was delayed as the bankers on the transaction including, Bank of America-Merrill Lynch, BNP Paribas and VTB Capital, were unable to fill the order book. The price range of the IPO was expected to be $19-25 a share, valuing the company at between $1.8 billion and $2.38 billion ahead of the listing. In April, the company sought a dual listing on the London and Moscow exchanges.
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