MOSCOW, October 18 (RIA Novosti) - Russian coal producer Raspadskaya intends to hold an initial public offering on the RTS and MICEX before the end of 2006, the company said Wednesday.
The Raspadskaya mine in west Siberia's Kuzbass coal basin is the country's second largest producer of coking coal.
The company will offer common shares owned by its core shareholder, Corber Enterprises Limited, to Russian investors, and to institutional investors outside the United States, the company said.
"Not only will we be the first Russian coal company to place its shares on the exchange, but also the world's largest specialized coking coal producer with the status of a public company," said Gennady Kozovoi, the company's general director.
Raspadskaya has appointed Credit Suisse and Deutsche UFG as the global coordinators of the company's IPO while Credit Suisse, Deutsche UFG and Morgan Stanley will be joint bookrunners.
"The initial public offering will help us determine the market value of our business, and also to receive international recognition for our company as the best in the sector. This is particularly important in the light of our strategic plans to expand our presence on the market, while ensuring stable production growth," Kozovoi said.
