That's tough timing for Facebook executives, who have been touring the country in anIPO
roadshowpitching the company as a great investment.
In 2006, the company held anIPO
, which became the largest initial offering by adevelopment company in Europe, priced USD 1.85 bn.The fall in demand for property, caused by the financialcrisis, and consequent troubles with debt servicingcaused the Group capitalization to slump.
One of the major triggers for HRG's share price performance, in our view, would be anIPO
by Severstal's Nord Gold, tentatively scheduled for the beginning of 2011.According to our rough estimates, Severstal's gold subsidiary could be valuedsomewhere between $2.4bn and $5.1bn, while HRG accounts for two-thirds of NordGold's production.