Chinalco unit drops 11 pct in HK debut after $400 mln IPO

HONG KONG Wed Jan 30, 2013 8:30pm EST

HONG KONG Jan 31 (Reuters) - Chinalco Mining Corp International, a unit of China's top aluminium group Aluminum Corp of China (Chinalco), fell as much as 11.4 percent on its Hong Kong debut on Thursday, a week after pricing its $400 million initial public offering near the mid-point of an indicative range.

Shares in the company fell to HK$1.55 in early trading, compared with a 0.1 percent decline in the benchmark Hang Seng index.

The Chinalco unit priced the IPO last week at HK$1.75 per share, after marketing it in a range of HK$1.52 to HK$1.91.

BNP Paribas and Morgan Stanley were joint global coordinators, with CCB International, China International Capital Corp (CICC), HSBC and Standard Chartered Plc also acting as joint bookrunners for the IPO.