Sydney — The owners of miner Coronado Global Resources raised about A$774m ($550m) in Australia’s biggest coal initial public offering after selling securities at the bottom end of the marketed range. Chess Depository Interests were sold at A$4 each, Coronado said Sunday. The CDIs were offered at A$4 to $4.80 apiece, according to a prospectus issued late last month. The bookbuild for the sale on Thursday and Friday came amid a global sell-off in commodity shares. Trading is scheduled to start on October 23 on the Australian Securities Exchange. Coronado is the biggest producer of US metallurgical coal, used to make steel. Majority owned by private equity firm Energy & Minerals Group, it has mines in America’s Central Appalachian region and an operation in Australia’s Bowen Basin. Coronado decided to list in Australia after a string of bankruptcies soured US investor appetite for coal, chief executive officer Garold Spindler said in an interview last month. “We are very pleased with ...
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