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Czech coal miner NWR raises £1.1bn

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Date: Tuesday 06 May 2008

LONDON (ShareCast) - New World Resources (NWR) raised £1.1bn today after the Czech coal miner priced its IPO at £13.25 per share, at the top of the indicative price range of £10.75 to £13.25.

The IPO in London, Prague and Warsaw values NWR at about £3.5bn, making it the biggest IPO so far this year in London and the biggest ever in the Czech Republic.

The group said the offer was 7.3 times oversubscribed with high demand from all regions in which the shares were offered.

The stock rose to £14.20 in early dealings and is currently trading at £13.54.

“The success of the IPO is a clear endorsement of our business, strategy and our unique growth opportunities in the Central European hard coal industry,” said executive chairman Mike Salamon.

“Listing now gives us the enhanced platform and capital base to exploit opportunities for our continued, profitable expansion,” he added.