* En+ Power hires BOCI, Deutsche Bank for IPO
* Aims to raise up to $1.5 billion in Q4
* Third company owned by Oleg Deripaska to seek HK listing
By Kennix Chim
HONG KONG, May 10 (Reuters) - En+ Power, which is controlled by Russian tycoon Oleg Deripaska, has appointed two banks to support its up-to $1.5 billion Hong Kong initial public offering, sources close to the deal said on Monday.
En+ Power would be the third company owned by Deripaska to be headed for a listing on the Hong Kong Stock Exchange, after aluminium producer UC RUSAL and Strikeforce Mining & Resources (SMR).
In January, RUSAL, the world's top aluminium group in which Deripaska holds a major stake, raised $2.2 billion to pay down debt. But its shares have since dropped about 22.6 percent from the IPO price because of global market jitters and renewed investor aversion to risky assets.
Strikeforce Mining & Resources, the fifth-largest primary molybdenum mine producer in the world -- originally planned to raise $150 million to $200 million from a Hong Kong IPO in May, but decided to postpone the deal due to weak market conditions.
An En+ Power spokesperson said a decision on the IPO had not yet been made.
But three sources directly involved in the offering say that En+ Power, the largest privately owned power company in Russia, hired BOC International and Deutsche Bank to finalise plans for its initial public offering in Hong Kong, aiming to raise $1 billion to $1.5 billion in the fourth quarter.
The sources declined to be identified because they were not authorised to speak to the media.
"The final timetable could depend on the market conditions,” one of the sources said.
Following on RUSAL's listing, more Russian companies plan to list in Hong Kong, giving them a base close to China's booming marketplace and access to a myriad of fund managers in the region putting money to work in emerging economies.
En+ Power operates 14 power stations located in Siberia - including the Krasnoyarsk and Bratsk hydroelectric power plants, ranked among the 10 biggest in the world - and the Volga region with total established capacity of approximately 19,500 megawatt.
(US$1=HK$7.75) (Reporting by Kennix Chim; Editing by Jacqueline Wong)
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