Chinese nickel producer and trader Lygend Resources & Technology plans to raise $470m through its initial public offering (IPO) in Hong Kong, reported Reuters citing two people privy to the development.

The firm has sold 232.54 million shares in the IPO, at HK$15.80 a share.

This marks Hong Kong’s fourth largest IPO so far this year.

Lygend intends to use 56% of the proceeds to develop the HPAL nickel hydrometallurgy project in Indonesia, stated the news agency.

Being developed in phases on Obi Island, the HPAL project aims to have an aggregate annual production capacity of 120,000 metal tonnes of nickel-cobalt compounds, including 14,250 metal tonnes of cobalt.  

The project will be equipped to produce nickel-cobalt compounds, including mixed hydroxide precipitate (MHP), nickel sulfate and cobalt sulfate.

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On 14 November 2022, Lygend commissioned two nickel-cobalt compound production lines as part of phase one of the HPAL project.

All the production lines of the HPAL project are expected to be commissioned by the fourth quarter of 2023.

Lygend shares are scheduled to start trading on 1 December 2022.

Established in January 2009, Lygend Resources is engaged in the trading and production of nickel products, equipment manufacturing and sales.