Capital Markets, Mongolia, Regional Asia - Wednesday, May 4, 2011 21:49 - 0 Comments

Emerging Markets: Mongolia readies three-way listing

Emerging Markets, May 4 2011

The world’s first simultaneous three-exchange IPO is expected to be confirmed this week, from an unlikely quarter – a Mongolian coal mine.

The listing of Erdenes Tavan Tolgoi, which owns the vast Tavan Tolgoi mine, and the broader development of that mine in coming years, is potentially transformative for the Mongolian economy. The backers and bankers of the IPO, which is expected to raise $3 billion or more, have been choosing between the exchanges of Mongolia, Hong Kong and London for the listing. Emerging Markets understands that after a series of presentations by the three exchanges in Ulaan Baatar on Friday, it is set to announce a role for all three, with the only question being the precise role that London plays: a primary listing or a global depositary receipt issue. “It’s not decided yet,” says somebody close to the deal. “But it would be very surprising if any of the exchanges were excluded now.”

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