Royal Canadian Mint Said to Raise C$600 Million From Gold IPO

The Royal Canadian Mint raised C$600 million ($573 million) in an initial public offering of securities tied to its gold reserves, more than double its IPO target, according to two people familiar with the sale.

The mint initially sought to raise C$250 million from selling units in Canadian or U.S. dollars at C$20 or $19.29 each, the Ottawa-based firm said. Strong demand from institutional and individual investors drove up the size of the sale, said the people, who declined to be named because terms aren’t public.