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Wise King Mining plans $100-$200m HK IPO

(Agencies)
Updated: 2008-05-29 10:22

Chinese molybdenum miner Wise King Mining is planning an initial public offering in Hong Kong, which could raise between $100 million and $200 million, sources familiar with the matter said on Wednesday.

Liaoning province-based Wise King Mining has hired Deutsche Bank and UBS as lead managers but has not yet set a firm date for the flotation, the sources said.

Last month China's Jinduicheng Molybdenum listed in Shanghai, raising $1.3 billion. Another miner of the metal used in steel alloys, Russia's SMR, which values itself at about $700 million, is planning to float at least 25 percent of its stock in Hong Kong by the fourth quarter.