Metals News

Philippine Nickel Asia IPO priced to raise $107 mln

MANILA, Nov 8 (Reuters) - Nickel Asia Corp, the Philippines’ biggest nickel miner, could raise more than $100 million after pricing its initial public offering at 15 pesos per share, the low end of an indicative range, its underwriters said on Monday.

The company, partly owned by Japan's Sumitomo Metal Mining Co Ltd 5713.T, plans to sell up to 304.5 million shares in main offering, which would raise 4.57 billion pesos ($107 million).

The IPO will open Nov 9, with listing scheduled for Nov 22. Proceeds will be used to fund ongoing projects and acquisitions.

The company, which had given an indicative price range of 14.95 pesos to 23 pesos for the share sale, has a greenshoe option for another 45.675 million shares.

UBS UBSN.VXUBS.N and CLSA are joint bookrunners and lead managers. ATR KimEng Capital Partners, SB Capital Investment Corp and UBS Investment Philippines are the domestic lead underwriters. ($1 = 42.7 pesos) (Reporting by Erik dela Cruz; Editing by John Mair)