Nanshan Aluminium International Holdings (HKG:2610) launched its initial public offering in Hong Kong that seeks to raise as much as HK$2.78 billion.
The developer and manufacturer of various high-precision aluminum and aluminum alloys is offering 88,235,300 shares at HK$26.60 to HK$31.50 apiece.
Nanshan Aluminium International secured Glencore, Hongkong Topway Trading, Reijong International Industrial Equipment (HK), and Indika Energy as cornerstone investors, which committed to subscribe to HK$934.6 million worth of IPO shares.
The issuer expects to determine its offer price on March 21 and disclose the allocations on March 24. It will then start trading on the Hong Kong bourse on 25, according to a Monday filing.
Proceeds from the deal will be used for the construction of alumina production projects in Indonesia and for providing funds for general working capital needs.
CMB International, China Galaxy International, CITIC Securities, Daiwa Capital Markets, and several others are the joint book runners of the IPO.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.