>Russian railways company UCL Rail will be ready to launch an initial public offering (IPO) around the start of July depending on market conditions, the chief executive of a subsidiary said.

UCL Rail or Universal Cargo Logistics Holding is owned by billionaire Vladimir Lisin , whose primary business is steel mining company NLMK.

UCL Rail management discussed plans for a listing after acquiring rail cargo operator Freight One, which operates the largest fleet of rail cars in Russia, Freight One Chief Executive Oleg Bukin said.

"We have a plan to prepare the firm (UCL Rail) for an IPO ... in order to be ready for a launch by the beginning of the second half (of 2013)," Bukin told reporters.

"But the final decision to launch will be taken depending on the situation of the transport and financial markets," he said, declining to give further details such as the likely size of the IPO.

The company plans to use the cash to refinance debt and might raise additional funds this year through an issue of rouble-denominated bonds, Bukin said.

Lisin bought 75 percent of Freight One via UCL Rail at the end of 2011 for 125 billion roubles ($3.95 billion) and the remaining 25 percent of the firm for 50 billion roubles ($1.58 billion) at the end of 2012.

Before it was acquired by UCL Rail, Freight One had planned its own IPO for the second half of 2013. (Reuters)