China Hanking Holdings Ltd To Launch HK IPO On September 30-China Knowledge Press

China Knowledge Press reported that China Hanking Holdings Ltd plans to kick off its initial public offering (IPO) in Hong Kong on September 30 with fundraising of USD148 million. According to the plans, the company will issue 459 million new shares at a price of HKD2.51 apiece, the lower end of its indicative price range between HKD2.51 and HKD2.93. Proceeds of the IPO will be used to repay bank loans, expand output capacity, and for potential acquisitions. Deutsche Bank AG, Credit Suisse Group and BNP Paribas are managers of the IPO, China Knowledge reported earlier. Hanking, which operates four iron ore mines and five processing plants, has secured three cornerstone investors with a total investment of US$60 million in the IPO. Hong Kong-based SAIF Partners took US$30 million worth of shares, while Baosteel Group Corp, the largest steel maker in China, bought US$10 million of the IPO.