LSR Group, a Russian real estate and building materials group, is planning to raise up to $1.5bn (£750m) from a dual listing in London and Moscow.

The initial public offering will further test investor sentiment towards Russian and emerging market IPOs after the credit squeeze. LSR’s decision to float comes less than a month after Russia’s Rusal, the world’s largest aluminium producer, pulled plans to raise about $7.5bn from a London IPO, blaming market conditions. Igor Levit, LSR chief executive, said the company had been preparing the float for six months and only a “cataclysmic” event would derail the process.