FREEPORT MCMORAN : Opa dans le Molyb :

olavouaf

17 avr. 2008 •13:24

STOCK ALERT - Jinduicheng Molybdenum opens up 24.32 pct in Shanghai debut
BEIJING (XFN-ASIA) - Jinduicheng Molybdenum Co Ltd (SHA 601958) opened up 24.32 pct at 20.60 yuan on its Shanghai Stock Exchange debut.

The company raised net proceeds of 8.72 bln yuan from the issue of 538 mln A-shares after pricing the shares at 16.57 yuan, the top end of its indicated range.

The price represents 17.47 times the company's diluted earnings for 2006 based on Chinese accounting standards.

Jinduicheng Molybdenum, part of a group that is the world's third largest molybdenum producer, said it sold 134.5 mln A-shares, or 25 pct of the issue, to institutional investors, with the remainder sold to retail investors.

The IPO attracted 2.258 trln yuan worth of subscriptions, with the institutional offer attracting 158.67 bln, the company said.

Proceeds from the IPO will help purchase some mine assets from its parent, technology upgrades and a molybdenum processing project.

China International Capital Corp and BOC International (China) Ltd were the joint main underwriters of the IPO.

(1 usd = 7.0 yuan)

allen.shu@xfn.com