13 Oct 2010 13:09

Petropavlovsk postpones iron IPO until Oct 20, lowers price

MOSCOW. Oct 13 (Interfax) - The Petropavlovsk mining group has postponed a Hong Kong IPO for IRC Limited, into which it has spun its iron ore assets off, until October 20 and has lowered its price range to HK$1.8 from HK$2.2-3 per share, the company said in a statement.

IRC's anticipated market cap is now HK$6.05 billion (US$780 million). The offer volume has decreased to 1.04 billion new shares (the company originally planned to issue the new shares plus 255 million existing shares). Thus, the overall offering consists of 907.5 million International Offer Shares with a green-shoe option for 132.5 million shares (as intended). The shareholding to be offered to investors is worth an estimated HK$1.872 billion or US$241 million.

Trading on the Hong Kong exchange is now due to start on October 21. It was originally due to start on October 13.