Nordgold Confirms IPO Plans

The Russian gold mining company Nordgold of the Alexei Mordashov family has confirmed that it plans to conduct an IPO on the London Stock Exchange (LSE). Admission to trading on the LSE is expected in late June and early July, the company said in a press release.

“The company is counting on a free float of at least 25% following the results of the placement of shares and expects that it will receive the right to include its securities in the FTSE indices,” – specified in a message (.pdf) on the Nordgold website.

The placement will include only the secondary sale of ordinary shares by the current shareholder of the company – Ocean Management Limited (its beneficiary is Alexey Mordashov, the total share in Nordgold is 35%; his sons Kirill and Nikita each own 32.5%).

Nordgold’s plans for a summer listing in London were reported in January by sources to The Wall Street Journal (WSJ). According to them, the company can place more than 25% of the shares based on the valuation of the entire business at $ 5 billion. According to WSJ, Nordgold has already hired banks for the IPO.

Details – in the material of “Kommersant” “Nordgold may return to the exchange.”

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