U.S.-based Coronado Global Resources launched what is set to be Australia’s biggest coal mining float in six years with an initial public offering (IPO) that seeks to raise $946 million and capitalize on Asian demand for metallurgical grade coal, according to Reuters. Coronado, which is backed by U.S. private equity firm Energy and Minerals Group (EMG), filed a prospectus for the IPO that will be priced at between A$4 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.
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