Strikeforce Mining & Resources Plc, the Russian molybdenum producer controlled by billionaire Oleg Deripaska, will delay taking orders for a Hong Kong initial public offering that may raise as much as $200 million, said a person with knowledge of its decision.
The company, also known as SMR, would start the IPO when stock markets have stabilized, said the person, who asked not to be identified because the information is private.
SMR had planned to start taking orders from institutions as early as next week, a person said on May 3.
BOC International Holdings Ltd., the investment-banking unit of Bank of China Ltd., Deutsche Bank AG and Renaissance Capital are managing the sale.
Sergei Babichenko, a spokesman for Deripaska’s holding company Basic Element in Moscow, declined to comment. Quinn Martin, a spokesman for Renaissance Capital in Moscow, also declined to comment.