AFI Development has announced a price range of $10-$13 (about £4.98 and £6.48 or EUR 7.36 to EUR 9.57) per share for its initial public offer on London Stock Exchange. The company is offering 100,000 new shares in the form of global depositary receipts (GDRs), of which it has granted an option to acquire 10%. The share value implies a market capitalisation of between $4.2 bn and $5.5 bn, AFI said in a statement. Proceeds will be used to fund the development pipeline and to acquire new projects in Moscow and its surroundings, as well as in other major Russian cities.
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