Connecticut-based Coronado Global Resources, Inc. (Coronado), one of the world’s largest coal producers, has launched an IPO worth AUS$1.3 billion (US$946.1 million).
Coronado is reportedly hoping to benefit from the Asian demand for the steelmaking commodity.
The company produces mainly metallurgical coal with an annual output of 8.2 million t from three US mines and 8.5 million t from the Curragh mine in Australia, which it bought from Wesfarmers Ltd last December for AUS$700 million.
The IPO is the biggest coal mining float in Australia since Yancoal Australia, which listed in 2012 at the peak of the country’s mining boom.
EMG, which currently owns 98.7% of Coronado now, will own 69% of the firm after the IPO. According to one source, it will retain its stake until at least February 2020, when the shares will be released from escrow.
The IPO opens on 2 October 2018, with shares expected to be priced by around 23 October 2018. Trading is then expected to commence on 23 October.
Read the article online at: https://www.worldcoal.com/coal/25092018/coronado-launches-largest-australian-coal-mining-ipo-in-six-years/