Yitai Coal raises $902 million from Hong Kong IPO

Inner Mongolia’s Yitai Coal raised HK$7 billion $902 million on Friday from the second-biggest initial public offering in Hong Kong this year. The company, which is already listed in Shanghai, fixed the price at the bottom of the indicative range to close the largest IPO since Haitong Securities’ $1.67 billion offering in April.

Given the tough market for IPOs in the first half of the year, Yitai Coal took the approach of securing a sizable cornerstone tranche 43% of the deal in this case to ensure the success of the offering.

The coal miner sold 162.7 million new H-shares at HK$43 each, which...