African Barrick IPO
Barrick Gold (NYSE:ABX) announced it will sell shares in African Barrick Gold spinoff for $8.70 each or 5.75 British pounds.
Barrick will sell approximately 101 million common shares in the offering, which at the above price will generate about $834 from the IPO.
They will retain a 75 percent stake in African Barrick Gold.
The reason for creating African Barrick was to get listed on the London Stock Exchange.
After the IPO Barricks will have a market capitalization of about $3.55 billion.
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