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Report: Riversdale seeking to raise A$132.7M in IPO

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Report: Riversdale seeking to raise A$132.7M in IPO

Riversdale Resources Ltd. is seeking to raise up to A$132.7 million from its IPO on the ASX, The Australian Financial Review's Street Talk reported March 14, citing a term sheet sent to potential investors.

According to the report, the miner seeks to raise A$90 million in primary equity, with a second selldown of up to A$42.7 million.

Shares for the IPO were priced between A$1.60 and A$2.00 per share, which would value the company at up to A$532.4 million. Resource Capital Fund, one of Riversdale's existing shareholders, is committing to take up A$15 million in new shares.

Investment bank Goldman Sachs, which is managing the Canadian coal miner's proposed listing on the ASX together with Deutsche Bank, had placed the equity valuation at between A$723 million and A$1 billion.

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