Philippines' Nickel Asia Plans up to $162 mln IPO

Oct. 25 -- 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.