U&D Coal IPO floats 20 per cent of company

Speculative junior explorer U&D Coal will launch its initial public offer on Monday with hopes of raising $125 million to fund the development of its first operating coal mine by 2015.

U&D’s Chinese owners will float about 20 per cent of the business on the ASX through an IPO of up to 250 million shares at 50¢ each, to raise a maximum of $125 million, with a minimum subscription of $50 million.