Bounty Mining bounces back onto bourse with biggest coal firm IPO since 2010

Draglines at the Curragh coal mine in Queensland's Bowen Basin.

Coking coal pure play Bounty Mining is set to relist tomorrow after an $18 million IPO that gives it a $120m market value. It will be the biggest coal company to IPO since Nathan Tinkler’s Aston Resources in 2010.

Bounty bought Glencore’s Cook Colliery in the Bowen Basin in December after a 13 cent-per-share capital raising.

The $18m raising was done at 35c and comes as coking coal prices remain relatively strong at around $US200 a tonne.

Whitehaven Coal founder Tony Haggarty is one of the biggest shareholders, having invested in the pre-IPO funding and the IPO funding.

US coal trader Xcoal also has a 10 per cent stake.

Some are also pointing out that Cook is near the Curragh mine that Coronado bought from Wesfarmers this year. Coronado had been talking about leading industry consolidation in the region to leverage existing infrastructure of ownership. Bounty has sold its first four Cook trainloads to Coronado. PAC Partners was lead manager on the IPO.