Severstal may seek IPO in London

09-08-2006

Russian steelmaker Severstal is reportedly preparing a flotation on the London Stock Exchange.

The firm, which is listed on Moscow's MICEX exchange, is expected to raise about £800 million if the flotation goes ahead later this year in London.

The group is to be valued at between $12 billion and $15 billion (£6.4 billion and £8 billion).

It has a current market capitalisation in Russia of $11.7 billion (£6.24 billion)

Severstal is seen as coveting Anglo-Dutch steelmaker Corus and Germany's Thyssen Krupp.

Citigroup, Deutsche Bank and UBS have been hired to handle the offer, according to the Guardian.

Last month, oil group Rosneft launched a $10.4 billion (£5.6 billion) share issue.

Russian firms Evraz Group and NLMK are also listed on the LSE.


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