Lygend Resources & Technology, a Chinese nickel producer and trader, raised about HK$3.67 billion ($470 million) in its Hong Kong initial public offering, according to people familiar with the matter, reports Bloomberg. The Ningbo-based company priced the offering at HK$15.80 per share, near the bottom of its marketed range, said the people, who asked not to be identified as the information is private. The company had previously marketed 232.5 million shares at HK$15.60 and HK$19.96 apiece.
An external representative for Lygend didn’t immediately respond to a request for comment.
The offering is the largest in Hong Kong since CALB raised $1.3 billion in a first-time share sale at the end of September. Lygend’s listing kicks off what’s expected to be a busy end to the year for IPOs in the Asian financial hub, where proceeds slumped 71% versus the same period last year, according to Bloomberg calculations. The market has faced headwinds ranging from rising interest rates to the impact of Covid-19 lockdowns on China’s economy.