Sibanthracite set for strategic sale after IPO upset
The private equity owner of a 25% stake in Russian specialist miner, Sibanthracite, will probably now look for a strategic sale after a $158m-$214m IPO failed to attract enough demand by the end of bookbuilding last week.
GLG Emerging Markets Growth Fund, which is selling all
its assets had preferred an IPO exit even though it knew markets might be
difficult, said bankers.
“GLG and the banks always knew that it would be a real
uphill struggle in this market,” said one. “But it was important to test
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