Wednesday, October 27, 2010

XinRen Aluminum

XinRen Aluminum debuts today and raised $125.4m from its IPO. The China-based aluminum producer was targeted to raise $96.1m initially with 198m shares at 55 cents each. The IPO comprised of 186m for international investors and 12m for the Singapore public. Shares were 4.3 times oversubscribed resulting in an over-allotment option of 30m shares being exercised. A total of 228m shares offered resulting in increase of funds raised to the $125.4m…

This was attributed to interest from institutional investors such as Nomura, Merrill and Value Capital. The plan for proceeds were for capacity increases strategic acquisitions and working capital. XinRen is expected to enjoy strong demand on debut due to institutional support and recent IPO performings.

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