Spox: Russia’s Metalloinvest plans IPO, waiting for better market

MOSCOW, Nov 9 (PRIME) -- Russian metals holding Metalloinvest plans to make an initial public offering (IPO) and is waiting for a good market environment, a spokesman for the company told PRIME on Wednesday.

“Metalloinvest is procedurally ready for the IPO in many respects and the degree of readiness will be even higher after the completion of the shareholder capital reorganization. The iron ore and steel product situation is far from ideal currently. We have a wait and see approach and will be waiting for a more fortunate moment to place shares on the exchange,” the spokesman said.

Earlier on Wednesday, Metalloinvest announced consolidation of a 100% stake in USM Metalloinvest.

The company will have to approve a dividend policy, which will be the final step in IPO preparations, the spokesman said. Metalloinvest does not need additional financing, he added.

End