* Company valued at around $8-$9 bln - banking source
* IPO could take place in H1 - source
* May list 25 pct of share capital - report
(Adds details, background)
By Olga Popova and Polina Devitt
MOSCOW, Dec 21 SUEK, Russia's largest steam coal
producer, is considering an initial public offering (IPO) of
shares next year in London, three banking industry sources told
Reuters on Monday.
The sources did not say how much SUEK, which is controlled
by tycoons Andrei Melnichenko and Sergei Popov, is looking to
raise, though one said the entire company was worth between $8
billion and $9 billion.
The same source said the listing would take place in the
first half of 2010, while the others said no date had been set.
"There haven't been any good opportunities in this sector
for a long time, and the sector is on its way up, so therefore
this will be a positive story," one banker said, on condition of
Russian aluminium company UC RUSAL is pushing ahead with a
$2 billion Hong Kong IPO slated for early 2010, despite a ban on
a retail tranche that has reduced the offering to little more
than a Russian state bailout. [ID:nTOE5B60DM]
Two sources said SUEK had yet to decide which banks would
lead the IPO. The company could not immediately be reached for
British newspaper The Independent on Sunday cited an unnamed
source as saying SUEK could list 25 percent of its shares in
London and Moscow in the first half of next year in order to
raise money to fund additional projects.
The paper said global heavyweights UBS UBSN.VX, Credit
Suisse CSGN.VX, Morgan Stanley (MS.N), Goldman Sachs (GS.N),
Citigroup (C.N), Deutsche Bank (DBKGn.DE) and Bank of America
Merrill Lynch (BAC.N) were all seeking to participate in the
Russia's VTB (VTBR.MM) and Renaissance Capital had also
offered their services to the miner, it added.
SUEK will conduct a second round of interviews with the
banks this week and make a final decision shortly thereafter.
The company, which mined 96.2 million tonnes of steam coal
last year, originally planned to sell shares to the public in
2008. It abandoned these plans because of the financial crisis,
the newspaper wrote.
SUEK is also a major shareholder in a number of Siberian and
Far Eastern power companies with total generating capacity of 13
(Writing by Alfred Kueppers; editing by John Stonestreet)