Brokerage GMP Capital is not in the good books of mining entrepreneur Robert Friedland and his latest venture, Ivanplats Ltd., after sending a critical e-mail to clients during the final stages of Ivanplats’ initial public offering.

GMP’s London sales desk sent a note last week, just as Ivanplats was closing the books on its $300-million IPO on the Toronto Stock Exchange, suggesting that investors instead consider buying Katanga Mining stock. GMP had worked for Ivanplats on previous fundraisings, but was not part of the group of banks handling the IPO, said a person familiar with the situation.