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. Last Updated: 07/27/2016

LSR, Gazmetall Eye London IPOs

St. Petersburg-based construction firm LSR Group and Gazmetall, the iron ore and steel firm controlled by billionaire Alisher Usmanov, are considering initial public offerings on the London Stock Exchange, The Sunday Times reported.

LSR, formerly known as LenStroiRekonstruktsia, hired investment banks Deutsche, Credit Suisse and ABN Amro in partnership with Rothschild to advise on the listing, which could raise more than $1 billion, the paper reported Sunday, without saying where it got the information.

Usmanov has told colleagues that he would like to list Gazmetall, which accounts for about 40 percent of Russian iron ore output, in London sometime next year, the paper said, without identifying any sources.

Gazmetall owns two of the country's leading iron ore producers, Lebedinsky and Mikhalovsky Ore.

Usmanov, whose assets include holdings in metals, media and telecoms, recently acquired 23 percent of London football club Arsenal.