Resourcehouse to launch Hong Kong IPO

Brisbane (Energy Publishing) -Mining magnate Clive Palmer’s Resourcehouse has announced plans for a March relaunch of its Hong Kong initial public offering (IPO) - worth as much as A$3B - after postponing the launch last November.

Citigroup will join investment banks Macquarie and UBS as bookrunners of the IPO with Resourcehouse now working to firm up potential cornerstone investors, Reuters reports.

Yesterday it was revealed Chinese engineering company Metallurgical Corporation of China (MCC) had agreed to acquire a 5% stake in Resourcehouse for $200M ahead of the Hong Kong listing.

The listing, scheduled for November, was delayed when regulators requested additional information about a plan by MCC to fund up to 60% of the $3.1B capital cost of Palmer’s Waratah Coal’s China First project in the Galilee Basin.