Bounty Mining Limited IPO
McCullough Robertson has advised on the biggest coal company float since 2010 with Bounty Mining kicking off trading on the ASX in June 2018 after generating $18 million from investors.
Now capitalised at about $120 million, Bounty opened trading at 35¢, rising as high as 42¢, and sat at 39.5¢ just before the close on 19 June.
Bounty is a coking coal miner that owns the Cook Colliery and coal handling plant, Cook CHPP, in the Bowen Basin in Queensland. The miner also owns additional development assets in Queensland, including the Cook North Project and the Minyango Project in the Bowen Basin, and the Wongai project in the Laura Basin.
We had previously advised Bounty on the purchase of the Cook Colliery coal mine and mining assets near Blackwater. The acquisition was from a liquidator, and involved complex issues with secured creditors and other third parties, as well as the negotiation and completion of two related, but separate, acquisitions.