Nord Gold NV, a unit of Russian billionaire Mr Alexei Mordashov’s steelmaker OAO Severstal, began an initial public offering of shares in London to raise more than USD 1 billion for expansion and to repay its parent’s debt.

Nord Gold will sell at least 25% of the company, which mines for precious metals in Russia, Kazakhstan and western Africa.

As per report, the sale will raise at least USD 1 billion.

If successful, Nord Gold’s IPO would be London’s biggest since the USD 1 billion offering of Nathaniel Rothschild’s mining fund Vallar Plc in July.

(Sourced from Bloomberg)