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Report: GFG Alliance shelves steel unit's A$1B Australian IPO

Sanjeev Gupta's GFG Alliance Ltd. postponed this year's planned A$1 billion IPO of parts of its Australian Liberty Steel unit on the Australian Securities Exchange due to market volatility and the company's tight year-end timeline, Reuters reported Sept. 3, citing two people with knowledge on the matter.

GFG had been reported to plan floating the local distribution and recycling divisions of Liberty Steel by September or October under a new company named Infrabuild. The company is now expected to revive the plan by the second quarter of 2020, one of the sources said.

The proposed IPO would have been the largest on the ASX since July 2018 when Viva Energy Group Ltd. raised A$2.6 billion, Reuters reported, citing data from Refinitiv.

Sought by Reuters for comment, a GFG spokesman did not address the shelved IPO but said the company is open to capital market transactions as part of a broader strategy.

JPMorgan, Morgan Stanley and Clayton Utz, which had been tapped to handle the IPO, declined the newswire's request for comment.