Russian Helicopters set for share take-off

Kremlin-owned Russian Helicopters today set the price range for its London share sale.

The shares - which are to be traded on the London and Moscow stock exchanges - will be sold between $19 and $25, valuing the company at $2 billion (£1.21 billion) to $2.6 billion.

The Russian government is selling at least $250 million worth of the aircraft manufacturer's shares, while a similar amount will be raised by the issue of new shares.

Roadshows for potential investors began in Moscow today and will move to London and New York next week with final pricing of the issue due on May 11.

Bankers to the issue are BofA Merrill Lynch, BNP Paribas and VTB.

Russian floats in London have had mixed fates, with property company Etalon successfully raising £350 million but Carphone Warehouse equivalent Euroset postponing its plan to raise $1.5 billion.