Wednesday, November 08, 2006
Severstal sets global share offer at 12.50 usd/shr, at higher end of price range
LONDON (AFX) - Russia's largest steelmaker OAO Severstal priced its global share and depository receipt offer at 12.50 usd per share, towards the higher end of the indicative price band, implying a market capitalisation of about 12.70 bln usd. The indicative price range was 11-13.5 usd per share. Severstal expects to raise gross proceeds of as much as about 1.043 bln usd and will use the majority of the proceeds to improve its production facilities and operating efficiency, and potentially to fund joint ventures or acquisitions. Citigroup, Deutsche Bank and UBS Investment Bank are joint global coordinators and joint bookrunners for the issue. newsdesk
