Tianqi Lithium Corp leads $1.7 billion Hong Kong IPO

Tianqi Lithium Corp leads $1.7 billion Hong Kong IPO

According to people familiar with the matter, the Asian financial hub's largest share sale this year was raised by Bloomberg-Tianqi Lithium Corp., about HK $13.5 billion $1.7 billion after pricing its Hong Kong second listing at the top of a marketed range.

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The people said the supplier of key material used in batteries sold 164.1 million shares at HK $82 apiece, despite the fact that the information is private. The shares were sold at HK $69 to HK $82 each.

A representative for Tianqi didn't respond immediately to a request for comment.

The share sale breaks a months-long drought for large offerings in Hong Kong, where funds raised between January and June fell more than 90% from the previous year. The city has been hit harder by the global slump than other trading hubs, as central banks move to combat surging inflation and spikes in volatility have put issuers on the sidelines.

A successful listing by Tianqi could open the door for a pickup in Hong Kong offerings, as China eases its anti-viruses curbs and the country s equities recover both at home and abroad. China Tourism Group Duty Free Corp., which is traded in Shanghai, is about to launch a Hong Kong listing that could raise $2 billion to $3 billion in the third quarter.

Tianqi mines lithium in Australia and produces lithium compounds and derivatives in China, as well as the construction of its first lithium carbonate plant in 1992. The Chengdu-based company raised 735 million yuan $110 million in a 2010 initial public offering in Shenzhen.

Tianqi sold a 49% stake in its Australian unit in 2020 to Perth-based IGO Ltd. for $1.4 billion to help repay an acquisition loan. The Kwinana lithium refinery near Perth, Australia -- a joint venture between the company and IGO and the first lithium refinery outside China -- delivered its first batch of battery-grade lithium hydroxide in May.

Tianqi's shares have risen about 51% since June in Shenzhen and touched a new all-time high of 148.57 yuan on Wednesday, giving the company a market value of $32 billion.

The prospectus shows that seven cornerstone investors are about 38% of the listing due to the share sale. The offering is co-sponsored by Morgan Stanley, China International Capital Corp. and CMB International Capital Ltd.

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