* Prices IPO at 60.50 rand vs 56-65 rand range
* Raises 2.98 bln rand ($428 mln), sells 49.2 mln shares
(Adds details, analyst comment)
By Olivia Kumwenda
JOHANNESBURG, Nov 3 (Reuters) - South African metals group Royal Bafokeng Platinum priced its initial public offering in the middle of its range, raising $428 million and reflecting solid demand for the new listing amid economic uncertainty.
RBPlat plans to list on the Johannesburg Stock Exchange on Nov. 8 -- South Africa's second-largest IPO this year and the world's sixth-largest by a mining company, according to Thomson Reuters data.
The Johannesburg-based company's IPO comes as the market for new listings begins to show signs of life, helped by a recovery in investors' risk appetite.
RBPlat -- a black-controlled, mid-tier platinum group metals producer -- had suspended its listing plan after Impala Platinum offered to buy its key asset, the Rasimone mine.
"It was going to be a positive story from the start, the (buying offer) gave investors a lot of confidence in the quality of the assets," Stephen Roelofse, an analyst at Metropolitan Asset Managers, said.
The Implats bid was snubbed by Anglo Platinum Chief Executive Russel Loubser has said the bourse may not match last year's tally due to market uncertainty.
Joint bookrunners for the offer are Macquarie First South, a unit of Australia's Macquarie Group, Morgan Stanley and Rand Merchant Bank, a division of FirstRand.
($1=6.961 Rand)
(Editing by David Dolan and David Hulmes)