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Votorantim unit targeting up to US$651M in New York, Toronto IPO

Nexa Resources SA, formerly VM Holding SA, and its controlling shareholder are aiming to raise between US$576 million and US$651 million in an IPO in New York and Toronto, Reuters reported Oct. 11.

Parent company Votorantim SA will sell 10.5 million common shares, while Nexa will sell some 20.5 million new shares, according to a U.S. SEC filing.

Reuters reported the plan in April, while the company filed for the IPO in late September.

The proceeds of the primary offering will be used to finance growth projects.