Zijin Gold Soars in Hong Kong Debut After $3.2 Billion IPO
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Zijin Gold International debutes on the Hong Kong Stock Exchange on Sept 30. Photo: VCG
Zijin Gold International’s shares soared in their Hong Kong debut Tuesday, after the spinoff from Chinese mining giant Zijin Mining Group Co. Ltd. raised about HK$25 billion ($3.2 billion) in the world’s largest-ever IPO by a gold producer.
Shares of the company closed the morning session at HK$115.10, a 60.8% jump from their fixed offer price of HK$71.59. The surge boosted the company’s market capitalization to HK$302 billion.
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- Zijin Gold International raised HK$25 billion ($3.2 billion) in Hong Kong’s largest-ever gold IPO, jumping 60.8% on debut and reaching HK$302 billion market cap.
- The IPO was the world’s largest by a gold producer, with retail demand oversubscribed 240.7 times; an over-allotment could raise HK$28.7 billion ($3.7 billion).
- Funds will upgrade mines, acquire the Raygorodok gold mine, and support exploration, amid strong gold demand and high global prices.
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Who’s Who
- Zijin Mining Group Co.Ltd.
- Zijin Mining Group Co. Ltd. is a Chinese mining giant that spun off its international gold assets, creating Zijin Gold International. This strategic move aims to establish a dedicated fundraising platform for its global expansion, including acquisitions and mine upgrades. The parent company boasts a strong brand and a track record in mergers and acquisitions, contributing to the successful IPO of its subsidiary.
- Zijin Gold International
- Zijin Gold International is a spin-off of the Chinese mining giant Zijin Mining Group Co. Ltd. It had a highly successful IPO in Hong Kong, raising about HK$25 billion ($3.2 billion). This made it the world's largest-ever IPO by a gold producer. The company's shares soared upon debut, reflecting strong investor interest in gold assets amid global economic uncertainty. Its parent company aims to use this international platform for aggressive global expansion and acquisitions.
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