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Canada fund manager Sprott planning IPO - report

Tue Apr 8, 2008 10:12am EDT

VANCOUVER, British Columbia, April 8 (Reuters) - Canadian fund manager Sprott Asset Management Inc is planning an initial public offering of its stock that could value the firm at up to C$1.5 billion ($1.49 billion), the Globe and Mail newspaper reported on Tuesday.

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Sprott, which is well known for its investments in the mining and energy industries, plans to sell C$200 million of its stock to investors in an offer that could start on Thursday, the paper said, quoting unnamed investment banking sources.

Founder Eric Sprott's stake in the company, which the paper said was 78 percent, would drop to 67 percent.

The value of initial public offerings in Canada sank to their lowest level in more than a decade in the first quarter of 2008 because of volatile equity markets, tight credit conditions, and a gloomy economic outlook in the United States.

($1=$1.01 Canadian) (Reporting by Nicole Mordant; Editing by Peter Galloway)

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