IMM mines the Hong Kong IPO market for up to $427 million

The Chinese coal mining equipment maker will use the money to fund potential acquisitions and other investments to enhance its production capacity.

International Mining Machinery IMM, a Chinese coal mining equipment producer, started bookbuilding yesterday to raise up to HK$3.32 billion $427 million in an initial public offering IPO in Hong Kong.

The company is offering 520 million primary shares, or 40% of the enlarged share capital, in a price range of HK$4.88 to HK$6.38 per share, which will allow it to raise between HK$2.54 billion and HK$3.32 billion. 

The price range represents a price-to-earnings...

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