Mongolian Mining Prices Hong Kong IPO At HK$7.02 A Share; Middle Of Range - Source

HONG KONG -(Dow Jones)- Mongolian Mining Corp., a coking-coal producer formerly known as Energy Resources, has raised about US$650 million from its Hong Kong initial public offering after pricing its shares at HK$7.02 each, in the middle of a revised price range, a person familiar with the deal said Tuesday.

Last week, the Mongolian company raised the price range for its sale of 719.4 million shares to HK$6.48-HK$7.56 a share from HK$6.29-HK$7.34. The deal has an overallotment option of 15% of the offer size.

The company is set to list on the Hong Kong stock exchange on Oct. 13.

Mongolian Mining's IPO will be the first in Hong Kong by a company based in Mongolia.

SouthGobi Energy Resources Ltd., the largest coal producer in Mongolia in terms of export sales, raised $436.3 million from its Hong Kong IPO, but its headquarters are in Canada.

J.P. Morgan Chase & Co. (JPM) and Citigroup Inc. (C) are bookrunners on the Mongolian Mining deal.

-By Nisha Gopalan, Dow Jones Newswires; 852-2832-2343; nisha.gopalan@ dowjones.com

(END) Dow Jones Newswires
10-05-100415ET
Copyright (c) 2010 Dow Jones & Company, Inc.

source: http://www.nasdaq.com
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