Dresdner Kleinwort Wasserstein will next month lead its first Russian flotation in more than nine years when grain and sugar company Razguliay launches an initial public offering.

DrKW is leading Razguliay's float of a 25% stake with Russian brokerage UBM and expects to complete the listing in the next five weeks. Razguliay sold a 10% stake to Vneshekonombank last week to comply with Russian market rules that force a firm to have more than one shareholder before it lists. Dmitry Tukhtenko, chief financial officer, said it would buy back the shares after the IPO.