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Report: Riversdale postpones A$132.7 million IPO on ASX

Riversdale Resources Ltd. postponed a planned A$132.7 million IPO on the ASX, the proceeds from which were earmarked for the early development of its flagship Grassy Mountain coking coal project in Alberta, The Australian reported March 29.

The company intended to price its shares at between A$1.60 and A$2 each, valuing it at between A$450.7 million and A$532.4 million. Prospective investors, however, were not ready to meet such expectations.

Early feedback on the transaction had been positive, but the fund managers' views on the preproduction asset were not optimistic.

Riversdale, with the assistance of Goldman Sachs and Deutsche Bank, was expected to file a prospectus with the Australian Securities & Investments Commission on March 29, ahead of the targeted April 23 listing.

The IPO, should it proceed, will now happen after April 1, according to the report.