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9 May 2008
The London Stock Exchange is delighted to welcome New World Resources N.V. to the Main Market.
New World Resources (NWR) is a leading producer of hard coal in the Czech Republic and Central Europe; it produces high quality coal for the steel and energy sectors in Central Europe through its subsidiary OKD, the Czech Republic's largest hard coal mining company. The company is strategically located within Central Europe and supplies a blue chip customer base in the region. Currently NWR has two development projects in progress in Poland, which form part of the company's broader growth strategy.
NWR has been admitted to trading on the Exchange’s Main Market. By undertaking a primary listing, thereby committing to meet the highest regulatory standards in Europe, the company has gained access to London’s deep pool of capital.
The company raised a total of £1.3 billion making it the largest IPO in London so far this year. On admission, the company had a market capitalisation of £3.79 billion. The money raised will be used to fund NWR’s capital investment programme and additional growth opportunities.
Commenting on the listing, Mike Salamon, Executive Chairman of NWR, said:
“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. Listing now gives us the enhanced platform and capital base to exploit opportunities for our continued, profitable expansion”.
JPMorgan Cazenove, Morgan Stanley and Goldman Sachs International are Joint Sponsors, Joint Global Coordinators and Joint Bookrunners for the Global Offering. Citigroup Global Markets Limited is Joint Lead Manager and Barclays Capital is Co-Lead Manager. Erste Bank, Patria Finance and Wood & Company are Co-Lead Managers.
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