Vedanta Resources's CopperTech Metals launches $423.5 million US IPO
Business
CopperTech Metals, started by Vedanta Resources, is launching a $423.5 million IPO in the US.
They're offering 23.5 million shares at $16 to $18 each, aiming for a $3.6 billion valuation, and planning to list on the New York Stock Exchange.
Konkola Copper Mines $2.7 billion plan
CopperTech wants to use the IPO money to expand Konkola Copper Mines in Zambia, investing $2.7 billion over five years and targeting 270 kilotonnes per annum from fiscal 2030.
This mine has been central to Vedanta since its big investment back in 2004.
Vedanta sold 5% Hindustan Zinc ₹7,000cr
Just before this IPO, Vedanta sold a 5% stake in Hindustan Zinc for ₹7,000 crore to cut debt and strengthen finances, likely helping support CopperTech's growth plans and this public offering.