Gujarat NRE's Australian flagship IPO opens

India NRE Minerals, the Australian subsidiary of Gujarat NRE Coke has lodged an IPO prospectus to raise AU$ 15 million and seek listing on the Australian Securities Exchange.

According to an official release issued by Gujarat NRE Coke to the BSE today, the IPO consists of an offer for 30 million shares at an issue price of 50 cents each with a right to accept subscription of further 20 million shares. On listing the company would have a market capitalisation, based on the issue price, at AUS $ 240-250 million. Gujarat NRE would hold more than 90% stake following the IPO.

The IPO offers investors the opportunity to invest alongside India's largest coke producer and participate in the growth of the Indian economy. Application can only be made pursuant to the India NRE Prospectus dated May 11, 2007 and lodged with the ASIC, the release said.