Carlyle-Backed Artgo Mining Plans $130M HK IPO

Xiamen-based marble producer Artgo Mining Holdings plans to issue 333 million new shares at HK$2.43 to HK$3.03 apiece to raise up to HK$1.01 billion ($130 million) through an IPO on the Hong Kong Stock Exchange, according to a company prospectus.

The IPO is planned to price on December 19.

As a cornerstone investor, VMS Investment Group will purchase US$20 million of shares in Artgo Mining.

Carlyle Asia and Carlyle Asia Growth Partners IV (CAGP) invested US$40 million in Artgo Mining through the purchase of exchangeable notes in 2012. Carlyle’s 28% stake will be diluted to about 21% after the IPO.

Artgo Mining generated RMB92.05 million in revenues and RMB9.32 million in net profits in the first nine months of 2013.

Bank of America Merrill Lynch is the sole sponsor and global coordinator of the listing, while Haitong International is serving as the joint bookrunner and joint lead manager.

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