CHICAGO/NEW YORK, September 29 /ITAR-TASS/ Evraz North America, a unit of U.K.-based Evraz Plc, which operates mainly in Russia, has submitted an application to make an initial public offering (IPO) to the U.S. Securities and Exchange Commission (SEC) and may offer 25-35% of its shares, as follows from the documents seen by PRIME on Monday.

The amount of shares to be offered and their price are yet to be determined. Following the IPO, Evraz will continue to be the major shareholder of Evraz North America.

Evraz North America said in a statement September 26 that it plans to use the funds raised to finance general corporate purposes, complete the acquisition of certain North American assets from Evraz, and repay existing intercompany debt to Evraz.

The placement does not envisage a change to Evraz North America’s operating model or business strategy.

Citigroup and Goldman Sachs will act as book runners in the deal.