October 10, 2017 / 11:17 PM / 4 months ago

Nexa, formerly Votorantim Metais, plans IPO for up to $651 mln

SAO PAULO, Oct 10 (Reuters) - Mining company Nexa Resources SA, formerly Votorantim Metais Holding SA, and its controlling shareholder expect to raise between $576 million and $651 million in its initial public offering in New York and Toronto.

In a filing with the U.S. Securities and Exchange Commission, Nexa said parent Votorantim SA, Brazil’s largest diversified industrial group, would sell 10.5 million common shares. Nexa, based in Luxembourg, will also sell some 20.5 million new shares.

The company will use proceeds of the primary offering to finance growth projects. Reuters first reported the IPO plan on April 10, and the company filed for the transaction on Sep. 21.

With a presence in Brazil and Peru, where it holds a majority stake in Cia Minera Milpo SSA, Nexa operates five industrial compounds in Brazil’s state of Minas Gerais and in Cajamarquilla, in Peru.

$1 = 3.14 reais Reporting by Tatiana Bautzer; Editing by Richard Chang

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