$3.4 billion is expected to be raised after Clive Parker floats the iron and coal export giant Resourcehouse on the Hong Kong Stock Exchange in the company’s initial public offering.

 

The company, expected to launch its official initial public offering today, is expected to sell 5.716 billion shares valued at between $HK4.48-$HK4.93 ($AUD0.54 - $AUD0.60), according to the most recent term sheet.

 

The company, which is 100% owned by Mr Parker, will be listed with the backing of four major banks, The Bank of China International, UBS, RBS and HSBC.

 

The launch will be the fourth attempt by the company to float on the Hong Kong Exchange after poor trading conditions postponed the previous attempts.

 

The funds raised by the sale are expected to be funneled into the construction of a new thermal coal project in Central Queensland and a magnetite iron ore project in Western Australia, according to a report published in The Australian.