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Coronado Seeks Up to $1 Billion in Top Australian Coal IPO

  • Biggest U.S. met coal miner valued at as much as A$4.4 billion
  • Company expanded into Australia last year with mine purchase
Aerial Views Of Newcastle Coal Industry And Glencore Plc Coal Operations
Photographer: Brendon Thorne/Bloomberg
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Coronado Global Resources Inc., a miner backed by private equity firm Energy & Minerals Group, and current investors are seeking to raise as much as A$1.4 billion ($1 billion) in what would be Australia’s largest coal initial public offering.

The company and existing holders are offering Chess Depository Interests at A$4 to A$4.80 each, according to a prospectus lodged Monday with the nation’s regulator. That will give Coronado, the biggest U.S. metallurgical coal producer, an enterprise value of as much as A$4.4 billion. Trading is scheduled to start Oct. 23 on the Australian stock exchange, it said in an emailed statement.