(Reuters) -China-based Nanshan Aluminium, an affiliate of Malaysia’s Press Metal is seeking to raise up to HK$2.78 billion ($357.7 million) in a Hong Kong initial public offering, according to a regulatory filing made on Monday.
Under the terms of the IPO, Nanshan is offering a total of 88.2 million shares, priced between HK$26.60 and HK$31.50 each.
The deal will raise between HK$2.35 billion and HK$2.78 billion.
The IPO plans come at a time of rising aluminium prices. They reached a nine-month high in February in the wake of a decision by the European Union to ban Russian primary aluminium imports.
Nanshan manufactures alumina in Southeast Asia and caters to regional demand for the metal, which is crucial for green energy technologies.
Nanshan Aluminium was formed as a spin-off from Shanghai-listed Shandong Nanshan Aluminium, which is also one of the IPO-bound firm’s controlling shareholders.
($1 = 7.7724 Hong Kong dollars)
(Reporting by Rishav Chatterjee in Bengaluru; Editing by Lisa Shumaker)
