Zhaojin Mining prices IPO at top end of range-sourceadmin
Zhaojin Mining Industry Co., the second-largest Chinese listed gold producer, raised $281 million after pricing its Hong Kong initial public offering at the top of an indicated range, a source familiar with the deal said on Saturday.
Shandong province-based Zhaojin, sold 172.8 million H shares, or 24.6 percent of its enlarged share capital, at HK$12.68 a share, compared with its price range of HK$9.80-HK$12.68 per share.
At the top of its price range, the price represents 33 times 2006 earnings. By comparison, Zijin Mining Group Co. trades at 34.3 times 2006 earnings, while gold smelter and producer Lingbao Gold co. Ltd. trades at 23.6 times.
Zhaojin shares are set to begin trading on Dec. 8 under the stock symbol “1818″ .
UBS and Cazenove are sponsoring of the deal.