Interfax reported that Ukrainian coal producer Coal Energy SA plans to raise around USD 130 million by floating 25% of its shares on the Warsaw Stock Exchange.

The company which brings together the assets of Mr Viktor Vishnevetsky NPO Mekhanik said it would offer just over 11.25 million new shares.

The upper price is PLN 32 per share. Bids will be accepted July 13 to 15 and pricing is expected on July 15. The shares would start trading on or around August 4.

Dom Maklerski BZ WBK is co-lead manager and listing agent for the IPO.

The company will invest the proceeds in its development program including new licenses to bolster coal reserves by 286.9 million tonnes and possibly new deep mines.

(Sourced from Interfax)