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Nickel Giant Lygend Resources Launches IPO on Shenzhen Stock Exchange
Lygend Resources & Technology Co., Ltd. (001246.SZ), a dominant force in the global nickel supply chain, began accepting subscriptions for its initial public offering on the Shenzhen Stock Exchange on Sept. 18. The company has set its offering price at 21.23 yuan per share.
Offering Details
The IPO is priced at a price-to-earnings (P/E) ratio of 12.98x, according to the company's prospectus. The subscription limit for individual investors is set at 51,500 shares.
China International Capital Corporation (CICC) is serving as the lead underwriter and sponsor for the listing. The move to public markets is a significant step for the company as it continues to expand its production and trading operations.
A Global Leader in the Nickel Market
Lygend Resources operates an integrated business model covering upstream nickel resource procurement, extensive product trading, and the production and sale of refined nickel products. The company is a crucial supplier to both the traditional stainless steel sector and the high-growth new energy vehicle (NEV) battery industry.
According to a China Insights Consultancy report cited in the prospectus, Lygend ranked as the global #1 in nickel product trading volume in 2024, representing 10.4% of total global nickel market demand. The report also identified the company as China's largest nickel ore supplier, with a market share of approximately 35.8% for that year.
AdProduction Capacity and Financials
The company's main production facilities are located on Obi Island in Indonesia and in Suqian, Jiangsu province in China. The Indonesian site features both hydrometallurgical (HPAL) projects, which produce nickel-cobalt compounds for batteries, and pyrometallurgical smelters for nickel pig iron used in stainless steel.
As of the end of 2024, Lygend's controlled HPAL projects ranked second globally by annual design capacity, with a market share of 19.7%, the prospectus states.
The company's filing revealed robust financial growth over the reporting period. Key figures cited were:
- Revenue: Grew from approximately 21.29 billion yuan in 2023 to 40.26 billion yuan in 2025.
- Net Profit: Increased from approximately 1.72 billion yuan in 2023 to 4.75 billion yuan in 2025.
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