Novatek, Russia's largest independent gas producer, has priced the global depositary receipts of its London Stock Exchange flotation later this month at between $14.75 and $16.75, according to a source close to the deal.

Novatek will seek to raise up between $850m and $970m in the initial public offering, valuing the entire company at between $4.5bn (€3.8bn) and $5.1bn.