Linklaters and Skadden Arps Slate Meagher & Flom have lined up on the $420m (£260m) initial public offering (IPO) of Russian food retailer O'Key, in one of the first listings by a Russian company in London since the financial crisis.

Skadden advised O'Key, fielding a team including corporate finance partner Pranav Trivedi, who splits his time between London and Moscow, and Moscow-based M&A partner Dmitri Kovalenko.

Linklaters advised the underwriters Goldman Sachs and VTB Capital on the flotation, with a team including London capital markets partner Tom O'Neill, Moscow capital markets partner Peter Allen and Luxembourg corporate partner Laurent Schummer.

Luxembourg outfit Elvinger Hoss & Prussen also advised O'Key, with a team led by corporate partner Karl Pardaens.

The listing gives O'Key a market capitalisation of nearly $3bn (£1.9bn) and comes as Russian internet company Mail.ru, which has shares in sites such as Facebook, attempts  to raise up to $875m (£541m).

One City capital markets partner said: "The last week was a very active one for the Russian capital markets, with outbound transactions from Russia into London picking up again. Many in the market hope this and the sizable O'Key transaction is a sign that confidence is coming back in the Russian market after the financial crisis."

As reported by Legal Week yesterday (4 November) Freshfields Bruckhaus Deringer this weel took the lead role on a $3bn (£2bn) loan participation programme for Russian metals giant OAO Severstal on the London Stock Exchange.

The magic circle firm advised on the financing, which saw the company issue a $1bn (£626m) eurobond under the programme with a seven-year maturity.