Chinese Titanium Refiner Ubridge Weighs $300 Million HK IPO

(Bloomberg) -- Guangdong Ubridge New Material Technology Co., a refiner of minerals including titanium and zirconium, is considering a Hong Kong initial public offering that could raise about $300 million, according to people familiar with the matter.

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The Maoming, Guangdong-based company has picked BNP Paribas SA and China Securities International to help arrange the first-time share sale, the people said. A listing could happen as soon as next year, said the people, who asked not to be identified as the information is private. The refiner is also exploring a funding round ahead of the IPO in order to bring in some strategic investors, the people said.

Considerations are preliminary and details of the fundraising including size and timeline could still change, the people said. A representative for Ubridge declined to comment, while representatives for BNP Paribas and China Securities International didn’t immediately respond to requests for comment.

Founded in 1989, Ubridge has more than 400 employees and an annual processing capacity of 300,000 tons for products including titanium ore, zircon sand and natural rutile, according to its website. It said it has started building long-term cooperation with overseas miners and looking for mines outside of China.