SINGAPORE, Oct 06, 2010 (Dow Jones Commodities News Select via Comtex) -- China's XinRen Aluminum Holdings Ltd. plans to sell 263 million shares in an initial public offering in Singapore that could raise up to S$205 million, people familiar with the situation said Thursday.
The offer also includes an over-allotment option for an additional 39.45 million shares, with an indicative price range of between S$0.54 and S$0.78 per share, these people said.
The IPO is expected to raise as much as S$236 million, if the over-allotment option is exercised.
"Roadshows for the IPO start Thursday and will go on for a week," one of the persons said.
The person said that listing is likely either late October or early November.
XinRen, which last week filed a preliminary prospectus with the Monetary Authority of Singapore, said that it intended to use the proceeds from the IPO to increase the capacity of its plant in China and for acquisitions and general working capital needs.
XinRen is a privately owned producer of primary aluminium in China and is principally engaged in the smelting and sale of primary aluminium in the form of ingots and plates.
DBS and RBS are the joint global coordinators for the IPO.