October 19, 2018 / 10:33 AM / 24 days ago

U.S. private equity-owned Coronado cuts IPO size, raises about $550 mln - sources

SYDNEY, Oct 19 (Reuters) - U.S. private equity firm Energy and Minerals Group (EMG) has cut the size of the IPO of its Coronado Global Resources Inc to 20 percent of the coal miner, and priced it at the bottom of the offered range, two people familiar with the matter told Reuters.

“The Coronado Global Resources book build closed today and is well covered,” a spokeswoman for the company said. “No further information will be provided at this stage.”

Shares in the company were priced at A$4.00 per share, the bottom of the offered range, the people said, raising about A$773 million ($550.22 million) and valuing the coal miner at about A$3.86 billion.

EMG had aimed to sell a stake of up to 30 percent in the initial public offering. ($1 = 1.4049 Australian dollars) (Reporting by Paulina Duran; Editing by Christopher Cushing)

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