XinRen Aluminum Holdings, the producer of primary aluminum in China, today launched its initial public offering of 198 million offering shares (subject to the over-allotment option) at $0.55 each in conjunction with its listing on the SGX Mainboard.

The offering consists of an international placement of 186 million shares to institutional investors as well as a public offer of 12 million shares.

DBS Bank and The Royal Bank of Scotland N.V., Singapore Branch are the joint underwriters of the offering.

The offering comprises all new shares and represents 18.0% of the group’s enlarged share capital of 1.098 billion shares. In connection with the offering, there will be an over-allotment option of up to 30 million shares, representing not more than 15.2 % of the offering shares.

The public offer will open at 9.00 a.m. on 20 October and close at 12.00 noon on 25 October. The shares will commence trading on the SGX on 27 October.