Mongolian Mining ups HK IPO price range - term sheet

(Reuters) - Mongolian Mining Corp, Mongolia's largest privately held domestic producer and exporter of coking coal, raised its initial public offering price range by 3 percent, a term sheet showed on Monday.

The company now plans to raise up to $702 million from the IPO instead of an earlier plan of up to $681 million, the term sheet obtained by Reuters said.

Mongolian Mining, whose Ukhaa Khudag (UHG) mine is roughly 245 km from Mongolia's border with China, is selling 719.4 million shares or 20 percent of its enlarged share capital, at HK$6.48 to HK$7.56 each, the term sheet said.

This compared with an original range of HK$6.29 to HK$7.34 per share.

JP Morgan (JPM.N) and Citigroup (C.N) are handling the IPO. (Reporting by Kennix Chim; Editing by Chris Lewis)

Source:Reuters