Yitai Coal targets $900 million from Hong Kong IPO

Inner Mongolia Yitai Coal will kick off the bookbuilding for its Hong Kong initial public offering, which will likely be the last IPO to launch in the first half. Syndicate bankers have been doing investor education since May 28 and sources say the structure of the deal will be similar to several other recent offerings in that it will rely heavily on cornerstones and anchor investors

However, the key reason why the Chinese coal producer has been treading water for the past few weeks and why it is going ahead now is that its Shanghai-listed B-shares have finally risen to a level that the IPO price can be set at...