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Xiwang Special Steel to start US$200-mln IPO in Hong Kong

Jan. 31, 2012 (China Knowledge) - Xiwang Special Steel Co, based in Zhouping, Shandong Province, plans to raise around US$200 million via an initial public offering in Hong Kong.

The special steel supplier said it is negotiating with dealers responsible for the IPO to make the indicative price range, adding that around 500 million shares are expected to be sold in the IPO.

The issuer intends to start taking orders from institutional investors on February 6, price its IPO on February 17 and list on the Hong Kong Stock Exchange on February 23.

A person familiar with the matter said that the U.S.-based financial holding company JPMorgan Chase & Co has been assigned as underwriter for the IPO.

Proceeds from the IPO will be used to expand output capacity.

According to the website of Xiwang Special Steel, which currently has total assets of RMB 4.7 billion, owns an annual output capacity of 1.5 million tons of steel and 1.6 million tons of rolled steel.

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