Friday July 30, 2010
Aston expects to raise US$360mil in IPO
SYDNEY: Australian coal miner Aston Resources expects to raise up to US$360mil in an initial public offering due to be priced on Aug 3 after lining up two cornerstone investors, two sources close to the transaction said.
Aston, half-owned by Australian mining tycoon Nathan Tinkler, decided to push ahead with the float valuing the group’s equity at A$1.5bil (US$1.34bil) after securing Hong Kong-based Noble Group and Japan’s Itochu Corp as cornerstone investors. Noble and Itochu planned to buy about a quarter of the shares being offered, worth A$100mil, the two sources said.
Fund managers said the float, Australia’s largest scheduled this year, would likely have been pulled if Aston could not secure cornerstone investors due to volatile markets.
The float would mark the largest offering this year in Australia after a A$1.2bil IPO of the Australian unit of German construction group Bilfinger Berger was pulled earlier this month, adding to the gloom in the IPO pipeline. — Reuters
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