Jinxi Steel pre-markets IPO

Company hopes to become the first privately-owned steel manufacturer to list on the Hong Kong Stock Exchange.

Joint bookrunners JPMorgan and Merrill Lynch began pre-marketing a $200 million to $300 million IPO for Jinxi Iron Steel on Monday. Formal roadshows are scheduled to kick off on February 5, with pricing set for either February 19 or 20. Co-leads are Citic and Cazenove.

Jinxi has a miniscule 1.7% market share in China's fragmented steel sector, but its flotation stands out because it is the first former State Owned Enterprise to successfully MBO and seek an...

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