MOSCOW, October 17 (RIA Novosti) - Chelyabinsk Zinc Plant [RTS: CHZP], the largest metal zinc producer in Russia, is planning to place 35-40% of its stock on the London Stock Exchange and the Russian Trading System in the form of an initial public offering (IPO), the company said in a statement Tuesday.
The company, whose authorized capital totals 5.1 million rubles (about $190,000), has chosen Credit Suisse as the global coordinator and underwriter of its IPO in the form of global deposit receipts (GDR) on the LSE, and common shares on the RTS.
The plant said in September the production of zinc and zinc-base alloys in the first six months of 2006 increased 33%, year-on-year, from 52,733 tons to 70,140 metric tons, while sales increased 200%, year-on-year, to reach 5.6 billion rubles ($208 million).
The company, which is part of the ChTPZ Group, one of the leading industrial groups in Russia's metallurgy industry, is planning to produce 150,000 tons of zinc in 2006.
