Chinalco Mining raises $400 million from Hong Kong IPO

Chinalco’s Peru unit draws strong demand, leading the retail tranche to be about 25 times covered, while cornerstone investors take up 60% of the deal.
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Chinalco claims about 7.3 million tonnes of copper reserves
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<div style="text-align: left;"> Chinalco claims about 7.3 million tonnes of copper reserves </div>

Chinalco Mining Corporation International, a unit of state-owned Aluminum Corp of China and the owner of a greenfield copper deposit in Peru, has raised HK$3.09 billion $399 million from its initial public offering in Hong Kong, after fixing the price above the mid-point of the indicative range.

As the first sizeable deal to hit the city’s IPO market this year, Chinalco Mining attracted robust demand from both retail and institutional investors. The retail tranche was about 25 times covered, which triggered a clawback and boosted the tranche to account for 30% of the deal, from the initial plan for 10%, sources said yesterday. The institutional tranche was multiple-times covered,...

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