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CHARLESTON, W.Va. (AP) - International Coal Group Inc. hopes to raise up to $291.7 million when it makes its initial public offering on the New York Stock Exchange, according to registration documents filed with the Securities and Exchange Commission.
Headed by New York billionaire Wilbur Ross, ICG said it will use the proceeds to pay down its $236 million debt and could use some of the remainder for acquisitions.
ICG plans to sell 20 million shares under the symbol ICO at an assumed price of $13.70 per share, according to Wednesday's filing. Underwriters will be given the option of buying an additional 3 million shares. A date for the offering has not yet been finalized.
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