iSteelAsia to list 100 million shares at HK$1.08

iSteelAsia.com, an online steel trading portal, will list on Hong Kong''s GEM at HK$1.08 a share, scaling back earlier targets.

iSteelAsia.com, an online commercial platform for buyers and sellers of steel, will list one million new shares on Hong Kong's Growth Enterprise Market at HK$1.08 $0.14 a share to help fund acquisitions and expand its existing business.

In addition, iSteelAsia agreed to sell 72 million shares to Hong Kong tycoon Li Ka-shing through the Li Ka-shing Foundation, a charity, at 80 cents a share - 26% below the issue price. The price was agreed last December when Li said he would invest in the company.

Hong Kong-based iSteelAsia originally planned to issue 248 million shares at between HK$1.55 to HK$2, in the hope of raising as much as HK$496...

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