Russian rail group plans London IPO

RUSSIAN transport group TransContainer is poised to launch an initial public offering (IPO) in Moscow and London, in a bid to raise as much as $500m (£317m).

TransContainer, a subsidiary of the state-owned Russian Railways group, will float 35 per cent of its equity, or 4,863,170 shares.

Last week, Russian Prime Minister Vladmir Putin signed an order permitting the container transportation company to list its shares. TransContainer’s board is to vote on the IPO later this week.

TransContainer will have a dual London and Moscow listing, as Russia begins its biggest privatisation programme since the 1990s.

JP Morgan, Morgan Stanley and Troika Dialog acted as joint global coordinators and joint bookrunners.