The price range for GDR had been set between $12.25 and $15.50 per receipt

Magnitogorsk Iron and Steel Works (MMC) has confirmed earlier media reports that the price range for its GDRs had been set between $12.25 and $15.50 per receipt, repots RBC.

The final offering price and the start date for conditional dealings were forthcoming in late April 2007. The offering has an over-allotment option entitling the organizers to buy up to 15 percent of GDRs within 30 days after the offering price is set.

As reported earlier, Magnitogorsk Iron and Steel Works, a company claiming some 20 percent of ferrous metals sold in Russia, said March 26, 2007 it intended to have its global depositary receipts for its common shares listed on the London Stock Exchange as part of floating its new and already issued shares and GDRs.

ABN AMRO, one of the banks organizing the IPO in Russia, put the company’s capitalization at $11.1bn to $13.6bn, Renaissance Capital said it was between $11.4bn and $13.3bn. The upper limit is around 20 percent upward of the current market value.

The roadshow and bookbuilding have been scheduled for April 9 through 23, 2007. MMC proposes to float 13.64 percent, a stake worth $1.45bn, simultaneously on the LSE as GDRs and on the RTS and MICEX as common shares.