Nord Gold, unit of Russian steel and mining company Severstal, is planning an initial public offering (IPO) to raise about $1 billion, The Wall Street Journal reports. The proceeds are expected to be used by the company to repay $240 million of debt owed to Severstal and fund exploration, development of key projects and potential acquisitions.
The offering may value Nord Gold at around $5 billion. It may allow an over-allotment option of about 15% of the offering. Morgan Stanley, Credit Suisse and Troika Dialog are managing the share sale, adds Bloomberg.
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