high-demand-for-first-ashare-deal-led-by-ubs

High demand for first A-share deal led by UBS

Metals producer Western Mining is set to price its $815 million offering at the top after investors order 242 times the shares available.
Western Mining looks set to raise the maximum amount from its Shanghai listing after attracting a massive Rmb1.5 trillion $197.5 billion in demand, according to a source familiar with the initial public offering.

The IPO is the first A-share deal to be arranged by UBS and only the second one to be bookrun by an international investment bank following Goldman SachsÆ lead role on PingAn InsuranceÆs $5 billion IPO earlier this year. UBS received authorisation to underwrite Chinese equity offerings in February when its investment in Beijing Securities was finalised. It has been working on Western MiningÆs IPO since early April.

The mining firm, which produces zinc, nickel, copper and aluminium, closed the two-day...
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