The London-based miner Petropavlovsk PLC (Petropavlovsk) has announced that it has delayed its iron ore subsidiary IRC Ltd's Hong Kong stock exchange listing as the retail offer "did not meet the company's highest expectations".
The final allocation of shares will be completed by October 20, according to the offer terms. Trading of the shares is now expected to commence on October 21, instead of October 14.
Offering is expected to raise net proceeds of approximately HK$1.72 billion (approximately US$222 million) for the IRC Group with an offer price of HK$1.80 for 1.04 billion shares.
The company had previously offered 1.325 billion shares at HK$2.20 to HK$3 each to raise as much as HK$3.98 billion, according to a September 29 statement.
The company will hold 65.6 percent of IRC after the offer.
As SteelOrbis previously reported, in June Petropavlovsk had announced that it had submitted a listing application form for its non-precious metals division to the Stock Exchange of Hong Kong Limited.