IPO
Vedanta Group’s US arm CopperTech launches roadshow for $423-M IPO
CopperTech Metals , a US-domiciled integrated copper and cobalt producer established by Vedanta Resources, has launched a roadshow for its proposed initial public offering (IPO) in the US. The company plans to raise approximately $423.5-M by offering 23.5 million shares, priced between $16 and $18 per share. The firm is set to list on the New York Stock Exchange, with a targeted valuation of about $3.6 B.The firm operates the Konkola Copper Mines in the Copperbelt Province of Zambia. The company intends to use the proceeds from the offering to support an ambitious growth strategy, which includes an investment of approximately $2.7-B over the next five years.Vedanta has maintained majority ownership of the Konkola Copper Mines asset since 2004 and has invested over $3-B into the site, which is recognised for its high-grade ore body.
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