SEC approves Nickel Asia's IPO; miner may raise up to P8B.

Byline: Neil Jerome C. Morales

Corporate regulators have approved the initial public offering (IPO) of Zamora-led Nickel Asia Corp., allowing the nickel miner to raise as much as P8 billion in fresh capital from the equity market.

It was the fourth company to secure listing approval from the Securities and Exchange Commission (SEC) this year.

In an en banc decision yesterday, the SEC allowed the listing of 198 million to 304.5 million common shares, or up 30% of the firm, at an offer price range of P14.95 to P23 apiece.

Nickel Asia can also sell 29.7 million to 45.675 million shares under an over-allotment option. Under the IPO plan, Nickel Asia …