UPDATE 1-EuroSibEnergo to premarket HK IPO Nov 15-sources

MOSCOW, Nov 12 (Reuters) - Russian electricity producer EuroSibEnergo will start premarketing its initial public offering (IPO) in Hong Kong on Nov. 15, hoping to raise around $1.5 billion, market sources told Reuters on Friday. EuroSibEnergo, part of Russian oligarch Oleg Deripaska's empire, has lowered recently its post-IPO valuation to $6 billion from $8 billion, taking into account deterioration in the current market environment. "The major part of the placement will consist of new shares but the final structure of the deal will be specified closer to the road-show," said a source close to the issue. Earlier this week, Reuters' sources said the company is planning to float 25 percent of its shares. EuroSibEnergo owns 14 power stations in Siberia, and is Russia's largest privately controlled power operator. Russia's IPO market has taken a breather during the crisis, but in the past few months, companies have been again showing interest in placing shares, sensing an opportunity to get their flotation away. For a factbox on the Russian IPO market click on . (Reporting by Olga Popova, Anastasia Lyrchikova and Melissa Aikin; Writing by Andrey Ostroukh; Editing by Alfred Kueppers and Jon Loades-Carter) Keywords: RUSSIA EUROSIBENERGO/ (andrey.ostroukh@reuters.com, +7 495 775 12 42) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved.

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