Severstal shares start trading in London on November 14

Russian major steel producer Severstal has set an official price of 12.5 dollars per share for its listing on the London Stock Exchange. Actual trading is due to start on November 14  with 9.1% of Severstal's stock being offered to investors.

The company intends to 85 million shares worth more than 1 billion dollars and this is less than the 15% originally anticipated, with Severstal saying the share price values the company at 12.7 billion dollars.

Some analysts have expressed surprise at the price, which they say is at the upper end of market expectations with the figure suggesting a premium when compared with rivals Evraz and NLMK.