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Evraz Weighs Options on GDRs; Analysts Tip London Listing

Evraz Group SA, Russia’s largest steelmaker by production, said it is considering alternatives to its global depositary program. The company may be contemplating a primary listing in London, analysts said.

The company, based in Moscow and registered in Luxembourg, will delay publishing first-half financial results until about Oct. 12 as it conducts an audit “to support this process,” it said in a statement today.

“We are still in the process of thinking what is best for the company,” Chief Financial Officer Giacomo Baizini said by e-mail today, declining to be more specific.

The statement prompted speculation Evraz may follow OAO Polyus Gold, which completed a reverse takeover of its U.K. registered unit KazakhGold last month. Polyus has said it wants its primary London listing to be included in the city’s benchmark FTSE 100 Index. OAO Polymetal, another Russian gold producer, also seeks a main London listing by the end of the year, the Sunday Telegraph reported in June.

“Evraz now has depositary receipts traded in London, and this instrument is not suitable for many classes of investors,” Dmitry Smolin, an analyst at UralSib Capital in Moscow, said by telephone. “The company is probably seeking a primary listing in London and to be potentially included in the FTSE 100.” Evraz may not have to sell shares in the market to achieve this, Smolin said.

A primary U.K. listing may broaden the base of Evraz investors, enabling the company to increase its market capitalization, HSBC Holdings Plc analyst Vladimir Zhukov said by phone today. Another alternative for Evraz is to sell Russian depositary receipts, which may allow the stock to be included in the benchmark MSCI Index, he said.

Ilya Khrennikov in Moscow at

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