Severstal’s Nord Gold to Raise $1.48 Billion in IPO

Nord Gold NV, a unit of Russia’s largest steelmaker OAO Severstal, is seeking to raise as much as 933 million pounds ($1.48 billion) in an initial public offering in London as it seeks to pay down debt and expand.

Nord Gold is selling new shares and stock held by Severstal unit Lybica Holding BV for 300 pence to 390 pence apiece, the company said today in a statement. A sale at the top of the range would value Nord Gold at 2.5 billion to 3.2 billion pounds.