Nickel Mines launches $200M IPO

INDONESIAN producer Nickel Mines will open its A$200 million initial public offering on Monday.

Nickel Mines launches $200M IPO Nickel Mines launches $200M IPO Nickel Mines launches $200M IPO Nickel Mines launches $200M IPO Nickel Mines launches $200M IPO

Nickel Mines' Hengjaya mine

The offer, if successful, will make Nickel Mines the second-largest ASX IPO of the year after Jupiter Mines raised $240 million in April.

Nickel Mines is offering 571.4 million shares at 35c per share to raise at least $200 million.

Bell Potter Securities is acting as lead manager with Canaccord Genuity as co-lead manager.

Sydney-based Nickel Mines was formed in 2007 by Norm Seckold and Peter Nightingale and holds 80% of the Hengjaya nickel mine in Sulawesi.

Local Indonesian partner the Wijoyo family owns the other 20% of the project.

Hengjaya has been in production since late 2015, supplying up to 60,000 tonnes per annum of ore grading more than 1.8% nickel.

The project has a resource of 57.7 million wet tonnes at 1.81% nickel.

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