Russian Copper Co. May Hold London IPO In 3Q - Report

MOSCOW, May 20, 2011 (Dow Jones Commodities News Select via Comtex) -- Russian Copper Co. plans to hold an initial public offering with a listing on the London Stock Exchange, and it may take place in the third quarter, business daily Kommersant reports Friday citing sources close to the deal and the company's shareholders.

Russia's third largest copper producer plans to place between 20% and 25% of its shares, around half of which will be newly issued, Kommersant said.

The preliminary valuation of the company stands at between $3.6 billion and $4.8 billion, the newspaper said. Deutsche Bank AG (DB) and Credit Suisse (CS) have been picked to run the offering.

Russia's largest copper producer is OAO Norilsk Nickel (GMKN.RS).