IRC Ltd Seeking To Raise Up To US$512 Million In Hong Kong IPO - Term Sheet
September 20 2010 - 10:53PM
Dow Jones News
IRC Ltd., the non-precious metals division of London-listed
Russian miner Petropavlovsk PLC (POG.LN), is raising up to US$512
million ahead of a listing in Hong Kong on Oct. 14, according to a
term sheet seen by Dow Jones Newswires.
The roadshow began Tuesday, and the company has set a price
range of HK$2.2-HK$3.0 per share for the sale of 1.325 billion
shares in the IPO.
There is an overallotment option that would allow the sale of a
total of 1.523 billion shares that if exercised could raise up to
US$588.8 million for the company.
IRC will launch the sale of the IPO to Hong Kong retail
investors on Sept. 30 and will price the deal on Oct. 6.
MHL, a wholly owned unit of Asia Resources Fund, which is
managed by private equity firm General Enterprise Management
Services (International) Ltd., and CEF Holdings Ltd., a
joint-venture that is 50% owned by tycoon Li Ka-shing's Cheung Kong
(Holdings) Ltd. (0001.HK) and 50% owned by Toronto-headquartered
Canadian Imperial Bank of Commerce (CM), are cornerstone investors
and will invest a total of US$60 million in the IPO.
Bank of America Merrill Lynch, BOC International Holdings Ltd.,
and UBS AG are bookrunners on the deal.
-By Nisha Gopalan, Dow Jones Newswires; 852-2832-2343;
nisha.gopalan@dowjones.com
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