Vedanta’s CopperTech Metals delays US IPO citing volatility

CopperTech Metals has decided to delay its US initial public offering, the company said on Tuesday, citing volatility across the global copper equity sector.

The postponement comes despite a rebound in investor appetite for new listings, shored up by buoyant equity markets and several blockbuster IPOs.

The copper market, however, is navigating expectations of fresh US tariffs and supply constraints in the face of surging AI-related demand, pushing up volatility in the price of the metal.

US Commerce Secretary Howard Lutnick is expected to update the president on Tuesday on the refined copper market and domestic refining capacity following a review.

The Global X Copper Miners ETF, an equity fund designed to track the global copper mining sector, is down more than 12% this month.

“Following careful consideration of current market conditions and recent volatility across the global copper equity sector, Vedanta and CopperTech have decided to postpone the proposed IPO,” a spokesperson said in a statement to Reuters.

The company was set to price the offering later on Tuesday and mark its debut on the NYSE on Wednesday.

CopperTech had planned to raise $423.5 million in the IPO by offering 23.5 million shares priced between $16 and $18 apiece, and aimed for a valuation of up to $3.57 billion.

Vedanta Resources, owned by Indian billionaire Anil Agarwal, last year launched CopperTech Metals, which owns and operates Konkola Copper Mines in Zambia.

Vedanta, which has held majority ownership in Konkola since 2004, regained control of the asset in July 2024 after Zambia’s previous administration under former president Edgar Lungu had seized it in 2019.

The company has invested over $3 billion in Konkola.

(By Utkarsh Shetti and Olivia Kumwenda; Editing by Shinjini Ganguli)