VM Holding (Votorantim Metais), a leading Brazilian miner of zinc and other metals, filed on Thursday with the SEC to raise up to $100 million in an initial public offering. However, that is likely a placeholder for an IPO that we estimate could raise $750 million. In conjunction with the offering, VM Holding will be renamed Nexa Resources. The company plans to list on both the NYSE and TSX.
The company's 2016 mining production (on a zinc equivalent basis) included: 64% zinc, 15% copper, 11% silver, 8% lead and 3% gold.
The São Paulo, Brazil-based company booked $2.1 billion in sales for the 12 months ended June 30, 2017. It plans to list on both the NYSE and TSE under the symbol NEXA. VM Holding filed confidentially on August 14, 2017. J.P. Morgan, BMO Capital Markets, Morgan Stanley and Credit Suisse are the joint bookrunners on the deal. No pricing terms were disclosed.
