Russian Helicopters is in line to become the first global Russian defence company to list on the London Stock Exchange, following announcement of  plans to raise $500m (£307m).  The company reports about 8,500 machines in operation and accounts for 13% of the global helicopter fleet.

With revenues last year of $2.7bn, the company has yet to set a valuation, and it is expected to follow the example set by other Russian listings in London, such as Rosneft, which floated 15% of its shares in 2006.  A successful flotation could give Russian Helicopters a valuation of over $3bn.  The listing is targetting the end of June, with Bank of America Merrill Lynch, BNP Paribas and VTB Capital appointed to handle the deal.

State-controlled defence group Oboronprom, which owns the majority of Russian Helicopters’ shares, will sell about $250m-worth. A further $250m of equity will also be issued.  The company will launch an investor roadshow this month. Shares will be listed only as GDR deposits, meaning the company will not earn a full FTSE listing and will require a lower level of disclosure.