@Affi11 [MEDIA] Apparently, it is down to the nitty-gritty...

@Affi11



Apparently, it is down to the nitty-gritty pricing discussions between fund managers and IPO hopeful 29Metals.

Street Talk understands the copper miner’s brokers – Morgan Stanley, Macquarie Capital and Credit Suisse – have spent the past few days canvassing funds about where they think the company’s float should be priced.

It is understood the brokers were talking to fund managers about a deal valuing the company in the $1.1 billion to $1.3 billion range.

That range is shy of where the sponsor broker’s equity research teams valued 29Metals earlier this week.

The 29Metals IPO is running concurrent to a trade sale – presided over by Macquarie and Credit Suisse – that’s focused on auctioning the company’s main asset, the Golden Grove mine in Western Australia.

Bids landed on 13 May 2021, including one from Citi-advised Sandfire Resources. And while there’s been no movement in the fortnight since, no one’s ruling out the Karl Simich-helmed company.

From The Australian newspaper (Wednesday): Some institutional investors that had earlier been keen to buy shares in copper miner 29Metals are cooling on the opportunity after the recent decline in the share price of rival OZ Minerals and the dampening sentiment towards initial public offerings across the board.

Cheers

These are only my thoughts and it does not constitute investment advice. Before acting on any information you read and before making any financial or investment decisions, you should always consult your advisor(s) or other relevant professional experts.