Nord Gold seeks up to $1.5 bln from London IPO

Russian mining giant Severstal's gold unit Nord Gold is seeking up to 933 limestone production cost in indiamillion pounds ($1.48 billion) from a London float, pushing the hoped for total from Russian IPO hopefuls past $3 billion for 2011.

The company, which said it needs cash to pay debt to owner Severstal as well as to fund exploration, said on Thursday it would price new and existing shares at 3.00 - 3.90 pounds each, valuing the group at up to 3.2 billion pounds. Nord Gold is the fourth Russian company to announce a London IPO pricing this month -- more than any other country. Analysts say a sharp rise in...