China machinery maker IMM plans $500 mln IPO -sources

 @ibtimes
on January 05 2010 11:06 AM

HONG KONG, Jan 5 - International Mining Machinery Ltd. (IMM), a Chinese mining equipment company, aims to raise about $500 million from a Hong Kong initial public offering by February, sources close to the deal told Reuters on Tuesday.

IMM, backed by private equity firm The Jordan Company, mainly designs and manufactures coal mining equipment in China.

IMM plans to seek Hong Kong listing committee approval in the middle of January, and aims to list next month, one of the sources said.

Swiss bank UBS (UBSN.VX) (UBS.N) and BOC International, the flagship investment banking arm of Bank of China, were handling IMM's Hong Kong IPO, said the sources. (US$1=HK$7.75) (Editing by George Chen and Chris Lewis)

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