Yunnan Jinxun Resources (HKG:3636) launched its Hong Kong initial public offering on Wednesday, aiming to raise HK$1.10 billion.
The non-ferrous metal processing company is offering 36,765,600 H shares at an indicative price of HK$30 per share, according to a Hong Kong bourse filing.
The offering comprises 3.7 million H shares for Hong Kong investors and 33.1 million H shares for international investors, subject to reallocation and the overallotment option.
The company secured eight cornerstone investors, who committed to subscribing to $60.3 million worth of IPO shares.
The issuer expects to disclose the allocations on Jan. 8 and start trading on the Hong Kong bourse on Jan. 9.
Net proceeds will primarily be used to expand the company's core operations, repay debt, and for working capital.
Huatai Financial Holdings (Hong Kong), CLSA, ABCI Securities, BOCI Asia, TFI Securities and Futures, UOB Kay Hian (Hong Kong), Futu Securities International (Hong Kong), and Tiger Brokers (HK) Global are the joint bookrunners of the IPO.
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