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Russian corporate brings IPO cheer to the NYSE

The Mechel Steel Group, the second largest producer of long steel in Russia with revenues of over ?2 billion ($2.5 billion), is planning to IPO in the US with hopes of raising up to $270 million. The company will offer almost 14 million of its American depositary shares for just over 40 million shares of its common stock at an exchange ratio of around one to three.

Mechel is hoping to tap into a successful 2003 which saw revenues rise more than 50% as the company expanded its mining and steel production operations in Europe. If successfully completed the deal will be the largest from a Russian corporate on the New York Stock Exchange since Wimm Bill Dann Foods in early 2002.

UBS is acting as coordinator and bookrunner while JP Morgan and Morgan Stanley are the co-arrangers.

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