Russian steel giant Severstal is expected to go public on the London Stock Exchange in November. Underwriters contacted by news agency Interfax said the share price may be about $15.
Severstal began planning its Initial Public Offering (IPO) after its failed merger with Arcelor and is seeking to raise up to $1.5 billion. It could become Russia's third-largest IPO after Rosneft's listing in July. At $15 dollars, company capitalisation would reach $14 billion. Some analysts rated this too high, looking to Severstal selling closer to the current price. Russian exchanges on Tuesday traded shares closing up at $13.13.