SAIF invests $30m in China Polymetallic Mining IPO
SAIF Partners has agreed to buy $30 million worth of shares in China Polymetallic Mining, moving the firm toward its goal to raise up to $163 million through an IPO.
The Greater China and India-focused investor's shares are equivalent to around 19% of the offered shares if bought at the top end of the price range, according to Finance Asia.
China Polymetallic Mining had previously received pre-IPO financing from Deutsche Bank Asset Management, Morgan Stanley Private Equity, Baker Steel and KR Lenders. The company and its five backers will all now be subject to a six-month lock-up period.
The Chinese lead, zinc and silver miner will sell 500 million shares on the Hong Kong Stock Exchange at a price of between HK$2.22 to HK$2.54 each.
The company's current plan to raise up to $163 million is more modest than its previous target of $250 million. It does however have a greenshoe option to sell an extra 15% of the company - or 75 million shares - if there is sufficient appetite.
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