SINGAPORE -（Dow Jones）- China's XinRen Aluminum Holdings Ltd. has priced its initial public offering at S$0.55 a share that would help it raise as much as S$ 145 million, people familiar with the situation said Tuesday.
The company is planning to sell 263 million shares in an IPO in Singapore and the price is at the lower end of the indicative price range of S$0.54-S$0.78.
"An updated prospectus is likely to be registered with the Monetary Authority of Singapore later in the day," one person said.
XinRen, which has already filed a preliminary prospectus with the MAS, has said it intends to use the proceeds from the IPO to increase the capacity of its plant in China, for acquisitions and working capital needs.
XinRen is a privately owned producer of primary aluminium in China and is principally engaged in the smelting and sale of primary aluminium in the form of ingots and plates.
DBS and RBS are the joint global coordinators for the IPO.
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