Kingstone Mining brings year’s first HK IPO, raises $167 million

China Kingstone Mining, a Sichuan-based marble mining company, has raised HK$1.3 billion $167 million in Hong Kong’s first initial public offering this year.

Sources said that market demand for the offering was decent, with more than 100 institutional investors from Asia-Pacific, Europe and the US taking part in the deal. Around 70% of the orders came from roughly 15 big-name firms.

The company has only had a permit for its Zhangjiaba mine since August 2009. “That led some investors to raise questions about the execution risk,” said a source. “When a company has earnings that progressively double each year for the next three years, there’s a...