Heaven-Sent Gold Seeks $200 Million in Hong Kong IPO

(Bloomberg) -- Heaven-Sent Gold Group Co., owner of two South African gold mines, is planning to raise about $200 million in an initial public offering in Hong Kong, according to people with knowledge of the matter.

The company aims to start the share sale as soon as the end of this year after it filed an application with the city’s bourse on Oct. 3, said the people, who asked not to be identified as the information is private. Heaven-Sent Gold owns South Africa’s Tau Lekoa gold mine, which it acquired in 2015, as well as the Kopanang mine it bought last year.

Heaven-Sent Gold’s share sale could capitalize on a surge in gold prices, which touched a six-year high. Miners of the yellow precious metal, including Toro Gold Ltd. and PT Amman Mineral Nusa Tenggara, are taking advantage of the rally to list their assets.

Heaven-Sent Gold had an annual gold production volume of 168,031 ounces in 2018, according to a preliminary prospectus to the stock exchange. The company expects to post a net loss in 2019 as production was affected by underground seismic events at the Tau Lekoa mine, the prospectus said. Beijing-based private equity firm Heaven-Sent Capital Management Group is the mining company’s parent.

Representatives for Heaven-Sent Gold and Heaven-Sent Capital Management declined to comment. CLSA Ltd. is the sole sponsor for the deal, according to the prospectus.

--With assistance from Carol Zhong.

To contact the reporters on this story: Vinicy Chan in New York at vchan91@bloomberg.net;Julia Fioretti in Hong Kong at jfioretti4@bloomberg.net

To contact the editors responsible for this story: Fion Li at fli59@bloomberg.net, Ville Heiskanen

©2019 Bloomberg L.P.