GLG Partners-backed anthracite miner Sibanthracite is to list on the London Stock Exchange in the first Russian IPO of 2013.
The company said in a statement that it will float a 25 per cent stake with JP Morgan, Morgan Stanley, Raiffeisen Bank and Sberbank acting as bookrunners for the IPO. The selling shareholder is GLG Emerging Markets Fund.
Sibanthracite had an export market share of 15 per cent last year, posting a $117m profit on revenues of $508m.
Chief executive Dmitry Shatokhin said, “As a leading global supplier with a strong resource base and well-developed production infrastructure, we are well positioned to benefit from rising demand for high-quality anthracite.
“This transaction will give investors a unique opportunity to gain exposure to the highly attractive and steadily growing global anthracite market.”
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