CLAYTON Utz has advised coal explorer Tigers Realm Coal as issuer on its A$37.5 million initial public offering and listing on the ASX today.
Tigers Realm issued 75 million shares at a price of 50 cents per share. It listed today with a market capitalisation of approximately A$182 million.
Reports today say the debut on the ASX today lacked bite, however. Shares in the company were down 3.5 cents, or 7 per cent, at 46.5 cents earlier today.
Tigers Realm Coal, which is part of the Tigers Realm Minerals Australian based resources group, is focused on developing two coking coal projects, the Amaam coking coal project in Far Eastern Russia and the Landazuri coking coal project in Colombia, South America.
The company aims to become a significant participant in the seaborne coking coal market by advancing its projects through resource delineation and scoping studies.
Clayton Utz Melbourne partner Charles Rosedale led the firm's team, with support from partner Brendan Groves and lawyers Warrick Louey and Sarah Pfeiler and graduate-at-law Peter Hamblin.
"We are delighted to have assisted Tigers Realm Coal with its listing on the Australian Stock Exchange in these challenging market conditions," said Rosedale.