US-based Coronado Global Resources Inc launched what is set to be Australia's biggest coal mining float in six years with an IPO that seeks to raise up to A$1.3 billion ($946.1 million) and capitalize on Asian demand for the steelmaking commodity.
Coronado, which is backed by US private equity firm Energy and Minerals Group (EMG), said in a statement on Monday it filed a prospectus for the IPO that will be priced at between A$4.00 and A$4.80 per share.
The IPO will give the company an enterprise value of up to A$4.4 billion, making it the biggest coal mining float in Australia since Yancoal Australia listed in 2012 at the peak of the country's mining boom.
"Demand from Asia for met coal, particularly from emerging economies, is expected to be strong and Coronado will be a key supplier to this growth market," Coronado Chairman Greg Martin said in the statement, referring to coal used for steelmaking, also called metallurgical coal.
Connecticut-based Coronado mainly produces metallurgical coal with annual output of 8.2 million tonnes from three US mines and 8.5 million tonnes from the Curragh mine in Australia, which it bought from Wesfarmers Ltd in December for A$700 million.
---Reuters, Sydney
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