Rothschild’s Vallar raises £700m in IPO
Vallar, which is seeking to build up a mid-tier mining house from scratch, has raised £707.2m in an initial public offering (IPO) and will start trading on 14 July, it said.
Vallar, led by finance and mining veterans Nathaniel Rothschild and James Campbell, unveiled its plans on June 25 to raise at least £600m to take advantage of acquisition opportunities in the mining sector.
“We are delighted to have received such a positive response from global investors in these difficult markets,” said Rothschild in a statement.
“These challenged markets present us with attractive acquisition opportunities and we are confident that we can acquire a major mining business at a valuation that will generate significant shareholder value and provide a platform for the future growth of Vallar.”
In a placing, Vallar issued 68.7m shares at £10 pounds each while £20m was invested in founders shares by members of the Vallar team.
Vallar aims to start with one major takeover worth around £2bn to £5bn, financed with debt and by issuing additional shares.