Chalieco IPO

Chinalco’s engineering unit raises $184 million from HK IPO

Amid weak market sentiment, Chalieco draws lacklustre demand from retail investors and fixes the price at the bottom of the range.
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One of Chalco's alumina refinery projects in Guangxi
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<div style="text-align: left;"> One of Chalco's alumina refinery projects in Guangxi </div>

China Aluminum International Engineering Corp Chalieco has raised HK$1.43 billion $184 million from its initial public offering in Hong Kong after pricing the deal at the bottom of the indicative range.

While investor appetite for IPOs remains scarce due to persistent worries about the eurozone debt crisis, Chalieco followed copper miner China Nonferrous Mining Corp CNMC in relying largely on cornerstones and anchor investor to push its IPO across the line. Earlier this week, CNMC priced its offering slightly above the bottom of the range to raise $247 million.

Chalieco, which was wholly-owned by Aluminum Corporation of China Chinalco prior to the transaction, sold...

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