NLMK to list on London Stock Exchange

NLMK to list on London Stock Exchange

Russian steel giant Novolipetsk Iron and Steel Works (NLMK) obtained permission from the Russian Financial Markets Service in order to list a maximum of 25% of its shares (equal to 1.5 billion shares) on foreign stock exchanges. UBS, HSBC and Alfa Bank are advising the company as it plans its international listing in the forthcoming 12 months. The company has signaled that it will hold its first international initial public offering (IPO) on the London Stock Exchange. The offering is expected to bring in $9.6 billion worth of capital from sales of the shares. Novolipetsk currently has 5% of its shares listed on the Moscow stock exchange. Novolipetsk is owned by Russia's second richest man, Vladimir Lisin. The company produced 8.6 million tons of steel products last year.