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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 companySeverstal, is planning an initial public offering (IPO) to raise about $1 billion,The Wall Street Journalreports. 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 SuisseandTroika Dialogare managing the share sale, addsBloomberg.

    Click here for the story fromThe Wall Street Journal.

    Click here for the additional coverage fromBloomberg.

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