Kinetic Mines prices IPO at bottom to raise $150 million

The Inner Mongolia-based coal miner attracts demand from specialist investors, but the retail tranche falls short.

Kinetic Mines prices IPO at bottom to raise $150 million

Kinetic Mines and Energy, which is developing a thermal coal mine in China’s Inner Mongolia region, has raised HK$1.17 billion $150 million from its Hong Kong initial public offering. This makes it the third-biggest deal in the city so far this year after Sunshine Oilsands and Xiwang Special Steel, which raised $580 million and $171 million respectively.

However, the price was fixed at the bottom of the range and retail investors showed very...

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