Chinalco’s engineering unit targets $221 million in IPO

The Hong Kong offering comes armed with six cornerstone investors and enough anchor demand to cover the entire base deal at launch. Separately, China Nonferrous Mining will resume its IPO today after securing a similar level of demand.

China Aluminum International Engineering Corp Chalieco kicked off the management roadshow yesterday for an initial public offering that is targeting to raise between HK$1.43 billion and HK$1.72 billion $184 million to $221 million.

Despite the initial euphoria following Greece’s elections at the weekend, market sentiment remains generally cautious and Chalieco launched the deal only after securing a group of cornerstone investors who will take up $100 million worth of shares. The six Chinese investors, who will be subject to a lock-up period of six months, include Seventh Metallurgical Construction, which is investing $35 million.

On top of that, there was also enough anchor demand...

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