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CSN Mineração share (CMIN3) makes his debut this Thursday in B3 with a strong record. At 10:35 am (Brasilia time), CMIN3 shares rose 16.35%, to R $ 9.89. Its parent, CSN (CSNA3), also posted strong gains in the session, registering an increase of 3.61%, to R $ 35.02, at the same time.
The Initial Public Offering (IPO) was valued on Friday (12) at R $ 8.50 each, moving R $ 5.2 billion.
The IPO coordinators were: Morgan Stanley, XP Investimentos, Bank of America, Fibra, Citi, Santander Brasil, Safra,
Bradesco BBI, BTG Pactual, Caixa and UBS BB.
CSN Mineração is the second largest iron ore exporter in Brazil, with 3,000 million tons according to the Joint Committee of Mineral Reserves.
The company, controlled by CSN, groups together two mines: Namisa and Casa de Pedra, which produce one of the highest quality minerals in the producing region.
Before the IPO, CSN owned almost 90% of CSN Mineração. An Asian consortium took the rest. In the IPO, in addition to CSN, two Asian partners, Posco and Japão Brasil Minério de Ferro Participações (JBMF), were sellers in the offering, but remain as shareholders. After the IPO, CSN has a 77% stake in its mining unit.
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Going into the IPO and selling the shares at the premiere: is it worth “freaking out” in 2021?
The sale of a portion of the mining unit was carried out as a way to raise funds to reduce the level of indebtedness.
In addition, according to the offer prospectus, the company intends to use the funds in the execution of its growth projects, such as the Itabirito P15 project and the Pires and Casa de Pedra Dam Tailings Recovery Projects.
The company’s projection is that it will be possible to add a production of 103 million tons per year, with an estimated investment of R $ 22.7 billion by 2033. Its annual production today is 33 million tons of iron ore.
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