Brazilian steelmaker Companhia Siderurgica Nacional (CSN) may raise up to BRL 7 billion ($1.2 billion) with its mining IPO. The company recently revealed the IPO’s prospectus, according to a media report by Reuters.
The stocks will be offered under several lots. CSN may raise up to BRL 3.7 billion ($676.7 million) in the first lot. CSN expects to use the proceeds from the first lot to reduce its debt, as the company has been reducing debt and disinvesting from non-core assets.
CSN will price its mining stocks on February 11, and then start selling the stocks on February 17. The $1.2 billion estimate includes all lots in case CSN sells the stocks at its maximum prices.