Nanshan Aluminium International Holdings (HKG:2610) raised HK$2.22 billion in net proceeds from its Hong Kong initial public offering after pricing the shares at the bottom of the indicative price range.
The high-precision aluminum and aluminum alloy manufacturer offered 88,235,300 million shares at HK$26.60 apiece, the bottom end of its guidance of as high as HK$31.50 per share, according to an after-market Monday disclosure.
The Hong Kong or public offering portion of the deal was 3.89 times oversubscribed, with 8,823,600 issued as per the original plan.
The international placing of shares was 1.67 times oversubscribed, with the firm issuing 92,646,900 shares, higher than the 79,411,700 shares initially available under this component due to the overallocation.
Nanshan Aluminium International will commence trading on the Hong Kong Stock Exchange today, March 25.
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