Chilean FO Opens Books

Chile’s Molymet is set to open books today on an equity follow-on due to price November 9. The metals processor expects to raise more than $200m via the sale of a 10% stake, which is designed to increase the liquidity of its float and raise funds for expansion. The Gianoli, Mustakis and Matte families, who hold 96% of Molymet, have waived priority rights to ensure a broad sale to the public, the company says. Banchile Citi and IM Trust are managing the sale. Molymet’s 4-year expansion plan is aimed at fulfilling growing demand for molybdenum, a copper by-product used to strengthen steel, as the world economy recovers and steel consumption grows in Asia. Molymet shares closed Tuesday at CLP13, 940.