Severstal calls in FD to handle IPO task

Russia's largest steel producer has handed FD a potentially lucrative brief to handle PR for the London IPO of its gold unit.

Russian floats: Stock Exchange
Russian floats: Stock Exchange

Severstal has not yet issued an intention to float for Severstal Gold. However, PRWeek understands that FD is being signed up to provide comms support around the forthcoming float after a competitive pitch.

The IPO is expected before the end of the year and is likely to generate considerable interest given the current high price of gold.

Reports suggest the London Stock Exchange listing could value the gold unit at up to £4bn (£2.6bn).

FD has also been brought in by Russian internet firm, which announced on Monday it was planning a London listing before the end of the year.

The firm, which owns a 2.38 per cent stake in social networking site Facebook, is understood to be seeking to raise more than $500m at the beginning of November.

The appointments come amid a sudden surge of interest from Russian firms in UK listings after a decidedly quiet 2010 for new listings.

Last week, Russian supermarket retailer O'Key announced it planned to float on the London Stock Exchange, using M:Communications to support the transaction.

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