Nord Gold is planning to raise about £933 million in an initial public offering (IPO), Bloomberg reports. The unit of Russian steelmaker, Severstal, will sell 13.1 million new shares and 94.9 million existing shares at 300-390 pence per share.
Nord Gold will use the proceeds from the offering to grow and help repay the debt held by its parent Severstal. The joint book-running managers for the sale are Morgan Stanley, Credit Suisse and Troika Dialog.
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