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Source: China Knowledge China Knowledge

China Metallurgical to launch largest HK IPO in 18 months

Published: 01 Sep 2009 01:24:05 PST

Sep. 1, 2009 (China Knowledge) - China Metallurgical Co Ltd, a subsidiary of China Metallurgical Group Corp, plans to sell at least 2.87 billion shares via an initial public offering on the Hong Kong Stock Exchange to raise about US$2.3 billion, according to the firm's prospectus, sources reported.

The deal is likely to be the largest IPO on the Hong Kong bourse in 18 months.

If an over-allotment option is exercised, the company will sell up to 3.3 billion of the new H shares, which are expected to be listed on Sep. 24.

China Metallurgical yesterday started pre-marketing for its A-share IPO. The company plans to issue 3.5 billion A shares to raise about RMB 16.85 billion. The company will start an official road show for the A-share IPO on Sep. 7 and will undertake an H-share road show during the period from Sept. 11 to Sep. 16.

Media reported earlier that China Metallurgical is in talks with institutions including China Investment Corp and CITIC Pacific Ltd<0267> as part of its plan to introduce five to eight cornerstone investors for the H-share IPO.

CITIC Securities Co Ltd<600030> has been hired as the lead underwriter for the A-share issuance, while Citigroup, Morgan Stanley, China International Capital Corp and CITIC Securities will be the book runners for the H-share issuance.

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