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Goldman Sachs sets value of ASX hopeful Riversdale Resources at up to A$1B

Investment bank Goldman Sachs placed the equity valuation of ASX hopeful Riversdale Resources Ltd. at between A$723 million and A$1 billion ahead of its planned IPO, The Australian Financial Review's Street Talk blog reported Feb. 26.

According to the report, the bank, which is managing the company's proposed listing on the bourse together with Deutsche Bank, based the valuation on the potential long-term coking coal prices and the 20-year average price of the commodity.

Riversdale Resources holds the Grassy Mountain coking coal project in Alberta as its flagship asset, part of the Crowsnest Pass complex.

The Australia-incorporated coal miner is expected to raise A$100 million in its IPO.

This is the second time the company has pushed for a listing on the Australian bourse, following a bid in 2014 that was shelved due to unfavorable market conditions.