Russian real estate developer Etalon Group has set the price range for its initial public offering on the London Stock Exchange at $7 (EUR 5) to $9 (EUR 6.3), valuing the company at up to $2 bn. Etalon hopes the issue will raise up to $500 mln with a greenshoe option of up to $150 mln.

The money raised will be used to buy new land plots and finance working capital requirements, the company said in a statement.

Credit Suisse, Renaissance Capital and VTB Capital are acting as joint global coordinators and bookrunners.