London listing for Russian seismic data analyst

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The Independent Online

IG Seismic Services is set to become the latest Russian company to float in London after the geophysical data analyst, chaired by a former first deputy governor of the resource-rich Komi Republic, announced a $200m (£124m) listing.

The company collects and analyses seismic data for oil and gas companies in Russia and the former Soviet republics using a variety of technologies.

The float, in the form of global depositary receipts, is expected around the middle of next month and will value the 26.8 per cent stake of chairman Nikolay Levitskiy at about $54m.

Mr Levitsky set up IG Seismic's forerunner in 2006 with backing from Gennady Timchenko, a billionaire oil trader who is a close ally of Russian President Vladimir Putin.

IG Seismic will not raise funds in the proposed listing, but is keen to get a toehold in London, which gives it access to a huge pool of potential capital.