Nexa Resources, a leading Brazilian miner of zinc and other metals being spun out of Votorantim, announced terms for its IPO on Tuesday. The company plans to list on both the NYSE and TSX.
The São Paulo, Brazil-based company plans to raise $605 million by offering 31 million shares (34% insider) at a price range of $18 to $21. At the midpoint of the proposed range, Nexa Resources would command a fully diluted market value of $2.6 billion.
Nexa Resources was founded in 1956 and booked $2.1 billion in sales for the 12 months ended June 30, 2017. It plans to list on the NYSE under the symbol NEXA. J.P. Morgan, BMO Capital Markets, Morgan Stanley, Credit Suisse, BofA Merrill Lynch, Citi, Scotia Capital, Bradesco BBI and Credicorp Capital are the joint bookrunners on the deal. It is expected to price during the week of October 23, 2017.
