14 May 2010 16:01

Koks restarts IPO preparations - sources

MOSCOW. May 14 (Interfax) - Koks from Kemerovo, a company in the Industrial Metallurgical Holding (IMH), has begun preparations for an IPO, the company told Interfax.

Representatives from a number of major banks have visited the plant facilities in Kemerovo to get a firsthand look at company operations, the official said.

The potential organizers for the IPO include Citi, UBS and VTB Capital, a source at one of the banks concerned told Interfax. The talks are in the initial stages and the membership of the syndicate may change by autumn, the source said. Koks has not undergone a valuation and the size of the potential placement has not been determined. However, there is "principle agreement" that the IPO volume might total $300 million-$400 million.

IMH confirmed to Interfax that the company "may revisit" plans for an IPO, noting that the situation might develop either way.

According to the list of affiliated persons, 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.

Koks originally began preparations for an IPO in 2008, which included a 200:1 share split in December 2008. Prior to the split Koks charter capital totaled 33.005 million rubles split into 1,650,232 ordinary shares with par value of 20 rubles each. Post-split the number of shares increased to 330.046 million, each with par value of 0.10 rubles.

IMH controls metallurgical, coke and coal enterprises in Russia and Slovenia. They include Koks, Ufaleynickel, Tulachermet and metals companies Polema and Tulachermet-Vanadii in the Tula region, Rezhnikel in the Sverdlovsk region. Boris Zubitsky and members of his family control IMH.