Chinese energy and metals producer CITIC Resources (1205.HK: Quote),
rose slightly on its IPO debut in Hong Kong on Thursday, after raising
$266 million.
Citic Dameng, a manganese mining and processing company, priced its
IPO at HK$2.75 each, the top of the range. As of early trade on
Thursday, shares were trading at HK$2.70.
The IPO price represents a 2011 price to equity valuation of 12.5
times. The company sold 750 million primary shares.
Bank of America-Merrill Lynch (BAC.N: Quote) and UBS are joint global
coordinators and joint sponsors with Citic Securities as the joint
bookrunner and the joint lead manager.
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