Vedanta’s CopperTech Metals targets $3.6 billion valuation in US IPO

CopperTech Metals is targeting a valuation of up to $3.57 billion in its US initial public offering, joining a wave of companies tapping the busy summer IPO market.

The US-domiciled copper and cobalt producer is seeking up to $423.5 million by offering 23.5 million shares priced between $16 and $18 apiece, it said on Tuesday.

The IPO market has picked up pace after a brief lull in March as buoyant stock markets and strong investor appetite have created a more favorable backdrop for new listings.

E-bike startup Lime, silver miner Sinda, digital infrastructure firm ITG, and Italian technology firm Bending Spoons also launched their US IPOs this week.

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

The offering comes as CopperTech plans to spend $2.7 billion over the next five fiscal years to ramp up copper production at Konkola to an average of roughly 270 kilotonnes per annum from fiscal 2030.

Demand for copper is surging, underpinned by the rapid expansion of AI infrastructure, grid modernization and electrification.

Vedanta has invested over $3 billion in Konkola and held majority ownership since 2004. The firm regained control of Konkola in July 2024 after the asset was seized by Zambia’s previous administration of former president Edgar Lungu in 2019.

Konkola is 79.4% owned by CopperTech, while Zambia’s ZCCM Investment owns the rest.

Citigroup and Cantor are joint book-running managers. CopperTech will list on the NYSE under the symbol “CUX.”

(By Arasu Kannagi Basil; Editing by Diti Pujara and Tasim Zahid)