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Nord Gold May Raise $1B In IPO

Nord Gold, unit of Russian steel and mining company Severstal, is planning an initial public offering to raise about $1 billion.

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.

Click here for the story from The Wall Street Journal.

Click here for the additional coverage from Bloomberg.

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