RIA Novosti reported that Mechel Mining an ore mining subsidiary of Russia leading metals company Mechel has filed a request to hold an Initial Public Offering abroad.

A banking source told RIA Novosti in July that Mechel Mining planned to hold the IPO this fall on the London Stock Exchange. JP Morgan, Morgan Stanley and UBS were chosen as underwriters of the issue which may amount to 10% to 15% of company's equity capital.

This Monday, Mechel Mining signed an agreement with Luxemburg's The Bank of New York Mellon without date to service a deposit program and issue Global Depositary Receipts.

Uralsib analysts believe that the IPO might be held this October or November on the LSE, but the current turmoil on the stock and raw materials markets creates some uncertainty about a possible date of the float.

Banking sources have previously said the company planned to raise over USD 1 billion in a share sale in London. Troika Dialog investment house valued the company at USD 18 billion to USD 19 billion.

(Sourced from RIA Novosti)