China Nonferrous pushes $247 million IPO across the line

The Africa-based copper miner relies heavily on cornerstones and anchors to complete the deal, while Chinalco Mining postpones its offering as market conditions and investor appetite remain challenging.

China Nonferrous pushes $247 million IPO across the line
CNMC's operations are in Zambia, making it the first company to list African mining assets in Hong Kong

It did take a while, but yesterday copper miner China Nonferrous Mining Corp CNMC finally priced its initial public offering slightly above the bottom of the range to raise HK$1.91 billion $247 million. The pricing came as the Hong Kong stock market eked out a modest gain for the first time in four days, but neither of these two developments changes the fact that the appetite for IPOs is close to rock bottom.

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