IRC to relaunch IPO this week after cutting the size

The company plans to relaunch the deal at a fixed price with the aim of raising $248 million – significantly less than the original target of up to $512 million.

IRC Limited, the iron mining unit of London-listed gold miner Petropavlovsk that is being spun off for a separate listing in Hong Kong, has failed to attract sufficient interest to go ahead with its original offering.

According to sources, the company has decided to reduce the size of the deal by taking out the secondary shares and cutting the offer price to HK$1.80 per share -- 18.2% below the bottom of the original offering range, which ran from HK$2.20 to HK$3.00. This will reduce the size of the initial public offering to a fixed amount of approximately HK$1.93 billion $248 million, from an earlier target of $376 million to $512...

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