Philippines’ Nickel Asia plans up to $162 mln IPO

MANILA, Oct 22 (BestGrowthStock) – Philippine miner Nickel Asia
Corp is looking to raise up to 7 billion pesos ($162 million)
via an initial public offering next month to fund ongoing
projects and acquisitions, a stock exchange filing showed on
Friday.

Nickel Asia, part owned by Sumitomo Metal Mining Co Ltd
(5713.T: ), plans a primary offering of up to 304.5 million
common shares, and has an over-allotment option to issue
another 45.675 million shares, the Philippine Stock Exchange
said.

It set a price range of 14.95 pesos to 23 pesos per share.
At the top end the main offering would raise 7 billion pesos,
and could raise an extra 1.05 billion pesos ($24 million) from
the greenshoe.

The IPO was approved this week by the stock exchange. A
domestic roadshow began on Friday, with an international
roadshow and bookbuilding starting on Oct. 26.

The final offer price will be set on Nov. 5, and the sale
will open the following week, ahead of an expected listing date
of Nov. 22, the stock exchange .

Nickel Asia says it is the largest nickel mining company in
the Philippines and owns majority stakes in six local mining
operations.

UBS (UBSN.VX: )(UBS.N: ) and CLSA are joint bookrunners and
lead managers. ATR KimEng Capitsl Partners, SB Capital
Investment Corp and UBS Investment Philippines are the domestic
lead underwriters.
($1 = 43.3 pesos)
(Reporting by Erik dela Cruz; Editing by John Mair)

Philippines’ Nickel Asia plans up to $162 mln IPO