Chinese IPOs

China Moly seeks $579 million from Shanghai IPO

Five years after its overwhelmingly popular IPO in Hong Kong, China Molybdenum is seeking to raise around $579 million from a new share sale in Shanghai.

The race to list in Shanghai shows no signs of slowing, despite growing worries that the wobbly housing market and deteriorating credit quality of domestic lenders could stall China’s economic growth.

China Molybdenum, which listed in Hong Kong in 2007, is seeking to raise around Rmb3.65 billion $579 million from a Shanghai IPO to fund its new alloy project and boost output, according to a statement to the China Securities Regulatory Commission CSRC.

If successful, the company will become the second molybdenum producer to list in Shanghai after Jinduicheng Molybdenum, which raised $2 billion when it went public in the city in 2008.

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¬ Haymarket Media Limited. All rights reserved.

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