Russia's Segezha targets Moscow IPO in April, adds banks – sources

MOSCOW, Feb 25 (Reuters) – Russian forestry group Segezha is planning to stage its initial public offering (IPO) in Moscow in April and has added more banks to arrange the deal, two financial market sources told Reuters on Thursday.

Segezha, owned by Russian conglomerate Sistema, has added Bank of America, VTB Capital, Renaissance Capital and Gazprombank to its pool of IPO organisers, the sources said. Sources earlier told Reuters that UBS and JP Morgan were also among the banks chosen to arrange that deal.

Segezha, Renaissance Capital, VTB, JP Morgan and Bank of America declined to comment. The other banks did not immediately respond.

Segezha is aiming to raise around $500 million with the flotation, joining other Russian names queuing up to raise funds in strongly-performing equity markets.

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