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Mechel unit eyes New York for IPO
Source: Bloomberg News |
December 20, 2011, Tuesday
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Print Edition
OAO Mechel, Russia's largest coking coal producer, may move an initial public offering of its coal and iron-ore mining unit to New York next year after delaying a planned US$2 billion sale in London in September.
The deal may take place in April or May, three people with knowledge of the matter said, declining to be identified. Mechel's press office declined to comment.
The IPO of OAO Mechel-Mining, as the unit is called, was the largest sale planned in Russia's metals and mining industry this year. The plan was delayed in September because of Europe's debt crisis and after global stock markets declined, people said at the time.
"New York offers higher trading volumes than London," Dmitry Smolin, Uralsib Capital analyst said by phone from Moscow. "If that is the target, than it makes sense."
Mechel may take advantage of the fact that United States investors already know the company, Smolin said. Mechel is the only Russian metals and mining producer listed on the New York Stock Exchange in a 2004 IPO.
The unit may become the first Russian company to sell shares in New York since the sale of Yandex NV, owner of Russia's most popular search engine, raised US$1.4 billion in May on the Nasdaq Stock Market.
The deal may take place in April or May, three people with knowledge of the matter said, declining to be identified. Mechel's press office declined to comment.
The IPO of OAO Mechel-Mining, as the unit is called, was the largest sale planned in Russia's metals and mining industry this year. The plan was delayed in September because of Europe's debt crisis and after global stock markets declined, people said at the time.
"New York offers higher trading volumes than London," Dmitry Smolin, Uralsib Capital analyst said by phone from Moscow. "If that is the target, than it makes sense."
Mechel may take advantage of the fact that United States investors already know the company, Smolin said. Mechel is the only Russian metals and mining producer listed on the New York Stock Exchange in a 2004 IPO.
The unit may become the first Russian company to sell shares in New York since the sale of Yandex NV, owner of Russia's most popular search engine, raised US$1.4 billion in May on the Nasdaq Stock Market.
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