Kinetic Mines and Energy yesterday kicked off both the institutional bookbuilding and the retail portion of its Hong Kong initial public offering that aims to raise between HK$1.17 billion and HK$1.40 billion $151 million to $180 million.
Sany Heavy Equipment International has committed to support the deal as a cornerstone investor and will invest $30 million. This will account for about 17% to 20% of the base deal, depending on the final price. Sany said in a statement yesterday that its participation represents a good opportunity to invest its unutilised cash and to strengthen the strategic relationship between the two companies.
Kinetic, which has...
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