Mining IPO

Kinetic Mines launches IPO of up to $180 million

The Inner Mongolia-based coal miner has attracted one cornerstone investor that will buy $30 million worth of shares ahead of the Hong Kong listing.
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A coal mine in Inner Mongolia (AFP) </div>
<div style="text-align: left;"> A coal mine in Inner Mongolia (AFP) </div>

Kinetic Mines and Energy yesterday kicked off both the institutional bookbuilding and the retail portion of its Hong Kong initial public offering that aims to raise between HK$1.17 billion and HK$1.40 billion $151 million to $180 million.

Sany Heavy Equipment International has committed to support the deal as a cornerstone investor and will invest $30 million. This will account for about 17% to 20% of the base deal, depending on the final price. Sany said in a statement yesterday that its participation represents a good opportunity to invest its unutilised cash and to strengthen the strategic relationship between the two companies.

Kinetic, which has...

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