Magnitogorsk Iron and Steel Works, Russia’s third-biggest steelmaker, is the latest Russian business to seek a UK listing. It plans to float about 10 per cent of its capital on the LSE in April to raise an expected $1bn (£509m). Magnitogorsk is currently listed on the Moscow stock exchange but with a free float held by public investors of only about 3 per cent. The rest is held by Viktor Rashnikov, chairman and 93 per cent stakeholder, and the company through Treasury shares. Under the London plan, Mr Rashnikov’s stake will be diluted to about 84 per cent to allow for outside investors. Magnitogorsk’s current market capitalisation is just over $10bn.

This entry was posted by Gwen Robinson on Monday, March 26th, 2007 at 4:28 and is filed under Capital markets. Tagged with magnitogorsk. Edit this entry.