Gold miner Nord Gold NV and coal producer and processor OAO Koks (KOKS.RS) set price ranges this week on London IPOs that are looking to tap demand for natural-resource investments, while Glencore AG stoked the interest of investors and bankers as details emerged on its massive offering planned for the second quarter.

Nord Gold, a Netherlands-incorporated spin-off of Russian mining company Severstal JSC (CHMF.RS), Thursday said it aims to price its shares at 300 pence to 390 pence, valuing it at as much as GBP3.2 billion and putting the offer size as high as GBP933 million if it prices at the top end and a 15% overallotment is exercised.

The company, with gold mines in Russia, West Africa and Kazakhstan, produced about 589,000 ounces of gold last year and aims to produce more than 1 million ounces by 2013.

It stands to benefit from the elevated price of gold but will also have to overcome investor concerns that the metal could be in for a big tumble if the U.S. economy keeps improving and other asset classes become more appealing. After hitting an all-time high in December, gold has fallen back about 7.5% and hit a three-month low Tuesday.

Credit Suisse (CS) and Morgan Stanley (MS) are leading the deal as joint global coordinators.

Koks on Monday set its price range at $6.25 to $8 a share, or between $12.50 to $16 a global depository receipt, valuing it at between $2.1 billion and $2.6 billion.

The shares will trade in Moscow and the GDRs will trade in London.

The Russian company's main products, coking coal, iron ore and pig iron, have also been enjoying price rises amid the ongoing investment frenzy around most natural resources. Coking coal, used mainly for steelmaking, is in particularly hot demand after Australia's January floods temporarily cut off a major source of supply, driving up prices.

Koks plans to sell up to 20% of its existing shares in the IPO, with the proceeds to go toward funding new business and general purposes. The Zubitskiy family that founded Koks will remain its majority owner.

Meanwhile, Switzerland-based commodities trader and producer Glencore is moving closer to a London and Hong Kong IPO in the second quarter that people familiar with the matter say could value it at $50 billion to $60 billion. The company is one of the world's largest traders of aluminum, nickel and other metals and sells other products including oil, grains and sugar.

With an expected deal size of $7 billion to $10 billion, bankers in London said they are hoping to get a spot on the deal, joining a mandate led by Citigroup Inc. (C), Morgan Stanley and Credit Suisse Group.

Investors in Hong Kong should also get a long-awaited IPO from Italian fashion house Prada later this year, after its board earlier Thursday approved a plan to list its shares there. The company has considered pursuing a float for several years, most recently in 2008.

Intesa Sanpaolo SpA (ISP.MI) unit Banca Imi, Unicredit SpA (UCG.MI), Credit Agricole SA (ACA.FR) and Goldman Sachs Group Inc. (GS) will run the deal.

In the Netherlands, Aperam SA (APAM.AE) joined the main market with an initial market cap of EUR2.18 billion Wednesday, in a listing that completes its spin-off from steel giant ArcelorMittal (MT). Shares in the stainless steels company were placed with ArcelorMittal shareholders, at a ratio of one Aperam share for each 20 ArcelorMittal shares held.

At 1445 GMT Thursday, the stock was trading at EUR30.86, up 10% from its initial market price of EUR28 Wednesday. The company's shares will also trade in Paris from Monday.

-By Margot Patrick, Dow Jones Newswires; +44 (0)20 7842 9451; margot.patrick@dowjones.com
Grafico Azioni Arcelor Mittal (NYSE:MT)
Storico
Da Giu 2024 a Lug 2024 Clicca qui per i Grafici di Arcelor Mittal
Grafico Azioni Arcelor Mittal (NYSE:MT)
Storico
Da Lug 2023 a Lug 2024 Clicca qui per i Grafici di Arcelor Mittal