Severstal gold unit hoping for $1.5bn on Initial Public Offering
Russian mining group Severstal’s gold unit Nord Gold is seeking up to 933 million pounds ($1.5 billion) from a London float, pushing the hoped-for total from Russian IPO hopefuls past $3 billion for 2011.
The company, which said it needs cash to pay debt to owner Severstal as well as to fund exploration, said it would price new and existing shares at between 3.00 and 3.90 pounds each, valuing the group at up to 3.2 billion pounds.
Nord Gold was the fourth Russian company to announce a London IPO pricing in January, more than any other country.