The three advisers for the London flotation of Russia's largest steel producer, Severstal, are set to share fees worth almost $20m (€15.2m), despite assuming very little risk for the transaction.

Citigroup, Deutsche Bank and UBS, the bookrunners of Severstal's float, are the main beneficiaries of the $19.5m of fees being paid by the company's owner Alexei Mordashov, who has underwritten the offer.