Wednesday April 23, 08:09 AM
Czech NWR IPO price range values offering at 892 mln to 1.1 bln pounds UPDATE
(Adds details, background)
PRAGUE (Thomson Financial) - Czech coal miner New World Resources set its initial public offering price range at 10.75 to 13.25 pounds per share, valuing the offering at 892 million to 1.1 billion pounds.
The offering will include up to 83.01 million shares, or 31.5 percent of NWR's share capital, and gives the company an expected market capitalisation of 2.8 billion to 3.5 billion pounds, NWR said in a release.
The IPO and listing will be the largest in London so far in 2008.
The shares will be listed on the main markets of the London, Prague, and Warsaw Stock Exchanges.
NWR said final pricing is expected to be announced on or before May 7, with dealing expected in London the following day, in Prague on May 9 and in Warsaw on May 14.
NWR, which owns the Czech Republic's largest hard coal mines OKD, saw a 94 percent jump in 2007 net profit to 196 million euros as revenues grew 10 percent to 1.37 billion euros.
Proceeds from the IPO will be used for mining projects at Debiensko and Morcinek in Poland, as well as existing sites in the Czech Republic.
Demand is rising for hard coal, which can be used in power generation and the manufacture of iron and steel, mainly due to Asian demand.
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