U.S. unit of Russia's Evraz targets $400 mln from IPO - sources

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MOSCOW, Sept 29 (Reuters) - Evraz North America, the U.S. unit of Russian steelmaker Evraz (LSE: EVR.L - news) , wants to raise about $400 million from an initial public offering (IPO) of between 25 percent and 35 percent of its shares, two banking sources in Moscow said on Monday.

Evraz North America, which makes steel products for rail, energy, and industrial markets, is a unit of Russia's Evraz which has not been targeted by U.S. sanctions over the Ukraine crisis which stop companies raising capital on Western markets.

The unit issued a filing with U.S. regulators on Friday that gave few details of the IPO. It did not set a time frame or give the an indication of the expected price.

One source told Reuters the unit's shares would most likely be offered by the end of this year, while the second source said the deal could be completed in early 2015.

Evraz is Russia's largest steelmaker with a net debt of $6.1 billion. Chelsea soccer club owner Roman Abramovich holds a stake in it. (Reporting by Olga Popova; Additional reporting by Svetlana Burmistrova; Writing by Polina Devitt; Editing by Elizabeth Piper and Timothy Heritage)