Chinese manganese producer launches IPO

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    PRC-based manganese producer, Citic Dameng Holdings (Citic Dameng) has raised US$266 million in its initial public offering (IPO) on the Hong Kong Stock…

    PRC-based manganese producer, Citic Dameng Holdings (Citic Dameng) has raised US$266 million in its initial public offering (IPO) on the Hong Kong Stock Exchange. The issuer is a spin-off from Citic Resources Holdings, a Chinese energy and resources company controlled by the Citic Group of China.

    The issuer plans to use proceeds from its IPO for fund development, construction projects, mine and relevant facilities acquisitions, pay back bank loans and replenish working capital. The lead underwriters of the transaction were Citic Securities, Bank of America Merrill Lynch and UBS.

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