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Brazil's Votorantim Metais Files for New York, Toronto IPO

  • Company working with JPMorgan, BMO, MS and CS on share sale
  • Expected to seek to raise about $750 million in listing

Brazil’s VM Holding SA, which operates under the name Votorantim Metais, has filed for an initial public offering and plans to list its shares in both New York and Toronto, according to a regulatory filing.

The Sao Paulo-based miner is working with JPMorgan & Chase Co., Bank of Montreal, Morgan Stanley and Credit Suisse Group AG on the share sale, the filing shows. It said in the filing it intends to rename itself Nexa Resources SA after the listing.

The company didn’t detail how much it plans to raise in the IPO or what valuation it was seeking. It intends to list its shares in Toronto and New York under the symbol "NEXA."

VM Holding is aiming to raise about $750 million in the share sale and seeking a valuation of about $4 billion, people familiar with the matter said. The company plans to use the proceeds from the share sale to advance the development of certain projects, general corporate purposes and to increase its financial flexibility, according to the filing.

The company is among the top five producers of zinc. It also produces copper, lead, silver and gold byproducts. In 2016, the company said it produced 416,869 metric tons of zinc, 41,551 tons of copper, 59,181 tons of lead and 8.3 million ounces of silver and 27,893 ounces of gold, according to the regulatory filing.

Votorantim Metais is the metals business of Brazilian industrial conglomerate Votorantim SA, and owns and operates five long-life underground mines. Three of those mines are located in the Central Andes of Peru while two are located in the state of Minas Gerais in Brazil, according to the filing.

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