Russian Billionaire’s Nordgold Plans London IPO
- Company says it intends to have a free float of at least 25%
- Nordgold is controlled by the family of billionaire Mordashov
The manufacture of gold ingots at the Suzdal gold mine, operated by Nordgold NV, in Semey, Kazakhstan.
Photographer: Andrey Rudakov/Bloomberg
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Russian miner Nord Gold Plc announced plans to hold an initial public offering in London after the price of gold climbed to the highest in nearly five months.
The company, known as Nordgold, expects to have a free float of at least 25%, and is also planning a secondary listing in Moscow, it said on Thursday. It won’t sell new shares but it said an IPO would widen its options for raising capital and help the company to retain key managers.