Ivanplats to raise $300M in biggest initial public
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Ivanplats to raise $300M in biggest initial public offering on TSX this year
African miner Ivanplats Ltd. is raising $300-million in its initial public offering, a source said. That makes it the single biggest IPO on the Toronto Stock Exchange so far this year.
Ivanplats is the latest offering from legendary mining financier Robert Friedland, and it has been hotly anticipated for months. The IPO also includes a significant investment from a strategic buyer, the source said.
The shares are being sold at $4.75 each, which is on the lower end of what the company was seeking. However, it is viewed as an impressive deal given the tough market conditions for speculative mining companies. A final prospectus will be filed with regulators on Tuesday.
Ivanplats has a platinum deposit in South African and two projects in the Democratic Republic of Congo (DRC). The DRC-based Kamoa copper project is its strongest asset.
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