Hunan Nonferrous Metals aims for $227.5 million in IPO

Tungsten producer sees no lack of demand despite less familiar industry and shortened marketing period.
Chinese metals producer Hunan Nonferrous Metals is seeing healthy demand for its initial public offering half-way through the accelerated bookbuilding, according to people familiar with the deal.

The company is seeking to raise up to HK$1.77 billion $227.5 million through the sale of 1.07 billion new H shares, or 33% of the issued share capital at a price of HK$1.20 to HK$1.65 per share.

On the eve of the launch of the retail portion of the deal today March 21 the institutional book is said to be already covered, despite being opened only three days after the beginning of pre-marketing.

The state-owned enterprise passed the listing hearing as recently as March 9,...
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