UPDATE 2-Czech miner NWR plans to float 25-33 pct of stock

                                
 (Adds size, quote, analyst)
                                
 By Jan Korselt
                                
 PRAGUE, April 10 (Reuters) - Czech hard coal miner New World
Resources (NWR) plans to offer existing and new shares through
an initial public offering in London, Prague and Warsaw, the
company said on Thursday.
                                
 NWR said it intended to float 25-33 percent of its shares
and that a substantial part of the offering, to be completed in
the second quarter, would be in existing stock.
                                
 "The market will determine the size of the offering and the
valuation implied by the offering," said Chief Financial Officer
Marek Jelinek.
                                
 "The exact split between new and existing shares will be
decided at the moment of allocation. I can tell you that a
substantial portion will be a sale of existing shares."
                                
 One analyst, who asked not to be named, gave an approximate
valuation of the entire company of 60-70 billion crowns ($3.78
billion), based on peer valuation using the price/earnings
ratio.
                                
 NWR mines coking and steam coal in the eastern Czech
Republic and is developing projects in Poland.
                                
 Co-owned by Czech financier Zdenek Bakala, NWR picked Morgan
Stanley, Goldman Sachs and JP Morgan Cazenove as joint global
co-ordinators and bookrunners. Citigroup is joint lead manager
and Barclays is co-lead manager.
                                
 NWR said its revenue rose 10.7 percent last year to 1.37
billion euros ($2.17 billion), and earnings before interest,
tax, depreciation and amortisation (EBITDA) grew 24.2 percent to
351 million.
                                
 The company said it benefited from rising demand for coal in
the fast-growing central Europe region. 
                                
 Jelinek said NWR planned to use the IPO proceeds to fund
expansion in Poland, where it wants to develop two mines.
                                
 NWR's biggest customers include steel mills such as Arcelor
Mittal Steel <MTP.PA> <ISPA.AS> and U.S. Steel <X.N>, energy
utilities such as CEZ <CEZPsp.PR> and large industrial companies
in the Czech Republic, Poland, Slovakia, Germany, Austria and
Hungary.
                                
 "The conditions for their business are excellent, because
the price of coke is sharply rising ... also the steel business
is rising due to strong economy," said analyst Petr Novak of
Atlantik FT.
                                
 "The conditions in global markets are not perfect ... but
the business environment is good and they probably need money
for expansion," he said, adding he did not have a valuation for
the company.
                                
 NWR said contracted coking coal prices jumped 61 percent
this year from 2007, while steam coal prices rose 44 percent.
                                
 
                                
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 (Writing by Jan Lopatka; Editing by David Cowell/Andrew
Hurst/David Hulmes)