Vedanta's CopperTech Metals postpones US IPO amid market volatility
The company, which was targeting a valuation of up to $3.57 billion, said it would defer the NYSE listing because of volatility across the global copper equity sector
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CopperTech Metals has decided to postpone its US initial public offering (IPO), a company spokesperson said in a statement on Tuesday, citing volatility across the global copper equity sector.
The company had been scheduled to price the offering later on Tuesday and make its debut on the New York Stock Exchange (NYSE) on Wednesday.
"Following careful consideration of current market conditions and recent volatility across the global copper equity sector, Vedanta and CopperTech have decided to postpone the proposed IPO," the spokesperson said in a statement to Reuters.
CopperTech had planned to raise $423.5 million through the IPO by offering 23.5 million shares priced between $16 and $18 apiece. The offering was expected to value the company at up to $3.57 billion.