CSN may raise $1.2 billion with mining IPO

Monday, 25 January 2021 01:16:27 (GMT+3)   |   Sao Paulo

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.

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