Russian mining group Severstal’s unit Nord Gold confirmed it had postponed plans for a $1.5 billion London IPO (initial public offering) due to market conditions. Market attention will now turn to Russian state-controlled lender VTB, which will close the books on a $3.6 billion secondary share offering later on Friday and was seen as a reason for the lower interest in the private listings.
Nord Gold’s decision means that three of Russia’s four IPO hopefuls so far this year have failed to attract enough demand from investors and cancelled their plans.