Russia's Nitol Solar plans London listing

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Russia's Nitol Solar plans London listing

Russia's Nitol Solar, which produces silicon for the solar industry, plans to list shares in London in an offering which could value the firm at about $1 billion, the London Financial Times reported on Saturday.

The business daily quoted the company's chief executive officer Dmitry Kotenko as saying Nitol planned to offer between 25 and 30 percent of its total equity. He gave no time frame.

Citigroup and Credit Suisse are advising the company on the IPO, the FT said. The paper said Nitol would make an official announcement on Monday.

Nitol plans to use some of the proceeds from the offering to ramp up production, the paper said. The group's operations are based in the Irkutsk region in Russia's East.

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