Rio Tinto hails another step closer to develop Serbian lithium mine
If developed, the $2.4 billion Jadar lithium project in Western Serbia could cover 90% of Europe's current lithium needs.
Tianqi Lithium Corp., a Chinese supplier of the key material used in batteries, is planning to raise as much as $1.7 billion in what’s set to be Hong Kong’s biggest listing this year.
The Chengdu-based company, which is already listed in Shenzhen, is offering 164.1 million shares at HK$69 to HK$82 each, according to a press release on Wednesday. The price range is at a maximum 52% discount to its A-share price at Wednesday’s close. If an over-allotment option is exercised, proceeds could increase to nearly $2 billion.
Big IPOs almost entirely vanished from Hong Kong’s exchange in 2022, as surging inflation, rising rates and the war in Ukraine added to woes tied to Beijing’s crackdown on the nation’s tech firms and overseas listings. While several small-ticket offerings were launched over the past week, total proceeds are still down 91% versus the same period last year.
The company intends to use the proceeds for purposes including repaying debt, funding the construction of a plant and for working capital, among other things, according to the release. Pricing is expected July 6 and the shares are set to begin trading in Hong Kong on July 13.
Morgan Stanley, China International Capital Corp. and CMB International Capital Corp. are joint sponsors.
(By Pei Li and Filipe Pacheco)
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