Asia Energy Plc, the owner of a coal mine project in Bangladesh that aims to ease the country's power shortages, said on Sunday it planned to raise about 15 million pounds ($27 million) by listing its shares in London.
UK-based Asia Energy said the initial public offering (IPO) on London's junior AIM market, planned for late-March, should value the firm at 30-40 million pounds.
It said only new shares would be sold in the offer. Existing shareholders - including Cambrian Mining and management - would not sell shares. W.H. Ireland is adviser to the float and broker.
Asia Energy owns the Phulbari Energy Project in north-west Bangladesh, about 350 kilometres from the capital, Dhaka.
The company said a mine and associated power station should provide about a quarter of the energy needs for Bangladesh's population of over 130 million population when it is fully operational around 2016.
David Lenigas, executive director, said Phulbari should be producing coal by 2009, and the extra power supply and boost from spin-off industries such as brick and glass-making could have a far reaching impact.
"The company's consultants estimate the project and its spin-offs from the infrastructure investments has the potential to increase the Bangladeshi GDP by 60 percent by the year 2040," Lenigas said.
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