Russia's Novolipetsk readies IPO in London

Nov 21, 2005 | 10:57 AM | Renate F. Mas

Little-known Russian metals tycoon Vladimir Lisin could move up the ranks of Russia's super rich when Novolipetsk Iron & Steel Corp., Moscow, launches a roughly $10.3-billion initial public offering (IPO) on the London Stock Exchange (LSE).

Russia's fourth-largest steel producer is expected to announce the listing on the LSE, the exchange's largest float in five years, later this week, according to various press reports.

The company originally planned to list about 25 percent of its equity on the LSE in May, but it was postponed because of a combination of falling steel prices and because Russia's Evraz Group was launching an IPO June 2.

Reports of the planned float surfaced last week, with analysts noting that improved market conditions made the listing a better prospect for the company. They estimated the company's shares would be worth about $1.30 to $1.55 each.....





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