Coke producer Koks could hold IPO in Jan -source
MOSCOW. Dec 29 (Interfax) - OJSC Kemerovo Koks could hold an IPO in January, a source at a major investment bank told Interfax.
Shareholders in Koks, which is part of the Industrial Metallurgical Holding (IMH), approved an underwriting agreement with Citigroup, UBS and VTB Capital (bank underwriter - VTB Capital plc) at an extraordinary meeting on September 4.
The selling shareholders are Andrei, Boris and Yevgeny Zubitsky. The underwriters will present offers for Koks' common shares on global depositary receipts (GDRs) to both Russian and foreigner investors.
It was earlier reported that the price for buying the shares from shareholders who either did not participate in the vote or voted against the underwriting agreement has been set at 140 rubles per common share following an independent assessment.
Based on this, the company's value - charter capital divided into 330,046,400 common shares at a face value of 10 kopecks each - could come to 46.207 billion rubles, or around $1.5 billion.
Reports emerged in mid-May that Koks would be returning to its IPO plans, which were interrupted by the economic crisis. One banking source Interfax that the interested parties have a "principled understanding" that the IPO could garner the company $300 million-$400 million.
According to the list of affiliated parties, 93.47% of shares in Koks were held by Boris, Yevgeny and Andrei Zubitsky (29.29%, 34.56% and 29.62% respectively) as of March 31, 2010.
IMH controls metallurgical, coke and coal enterprises in Russia and Slovenia. They include Koks, Ufaleynickel, Tulachermet and metals companies Polema and Tulachermet-Vanadii in Tula region, and Rezhnikel in Sverdlovsk region. Boris Zubitsky and members of his family control IMH.