Ivanplats raises $305 million in biggest global IPO since Glencore
Africa-focused miner Ivanplats Ltd, founded by billionaire Robert Friedland, raised over Cdn$300 million ($305 million) in its initial public offering in Toronto on Tuesday, after selling shares at $4.75 each, on the lower end of the marketed range.
The anticipated offering instantly became the largest Canadian mining IPO since Tahoe Resources Inc. (TSX:THO)(NYSE:TAHO) raised C$348 million in its 2010 share sale. It also turned out to be the biggest global metals and mining IPO since Glencore sold $11 billion in May last year.
Ivanplats shares sale comes five months after Friedland stepped down as chief executive officer of Ivanhoe Mines, now Turquoise Hill Resources, after Rio Tinto (LON:RIO) took control of the $6 billion Oyu Tolgoi project in Mongolia.
The company has a platinum deposit in South Africa and two copper projects in the Democratic Republic of Congo.
Friedland, 62, sits at #546 on Forbes Billionaires list.
Legendary mining financier Robert Friedland quits Ivanhoe in Rio Tinto shake-up >> >>
Turquoise Hill paid $61 million to departing Friedland and co >> >>
Ivanplats's debut set to be one of Toronto's biggest IPO's this year >> >>