OREANDA-NEWS. Price range for offering of WGC-2 shares during its IPO is set to 0.1475 – 0.1800 USD apiece, Veles Capital, an investment company, discloses. The final price for offering is expected to be announced September 28th. WGC-2 message indicated that GDR price range forms 14.75 USD to 18 USD apiece (1 GDR equals 100 shares). In the view of Veles' experts, If additional emission of shares will be made completely, then company can attract 1.77-2.16 bln USD. However, previous information meant that WGC-2 expected gain of 1.67 bln USD from IPO . WGC-2 GDRs are planned for trading over LSE,  while shares could be exchanged through RTS and MICEX. Taking into account the announced range, one Kwatt of installed capacity over WGC-2 is estimated at 449-548 USD. The Average price of one Kwatt among WGCs is 584 USD over market, while WGC-4 was solding it a week ago at 753 USD per Kwatt, TGC-1 went off at 646 USDper Kwatt. WGC-2 itself traded it at 493 USD per Kwatt.

Hence, Veles' experts point out,  WGC-2 was estimated by appraiser too high above latter offerings with average price of Kwatt over market. Such appraisal is related to company already having strategic investor, who could have paid premium during offering: after energy holding reformation, considerable portfolio of shares – about 43% will be gained by Gazprom, during exchange with other minor holders and the state. Despite of that, Gazprom will have to redeem part of emission in order to ensure controlling stock, and about 80% of emission will be offered among portfolio investors, which do not want to pay serious premium to market price of WGC-2.

These factors can explain set price range. "We think that offering price will be 5% above current market value, which is close to the upper border of given range," the experts conclude.