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New Zealand coal miner Pike River Coal Limited (Pike River) comes a step closer to listing on the NZSX Market with the formal opening of its Initial Public Offering (IPO) today.
Pike River is seeking to raise $65 million through the issue of new shares at $1 each, with the right to accept oversubscriptions for a further $20 million. The minimum subscription for the offer is $3000.
The capital raised will be used to continue progressing the development of the company's $2.3 billion premium coal resource into production.
NZX Markets Development Manager, Geoff Brown, said, “Pike River will provide the first opportunity in 28 years for investors to share in the development of a New Zealand export coal mining business. The IPO adds depth to the listed resource sector, which saw Glass Earth list in 2006 and L & M Petroleum in January this year.”
The Pike River IPO is being promoted by New Zealand Oil & Gas Limited (NZO) with Lead Manager McDouall Stuart Securities Limited.
The IPO will close on the 10 July 2007.
