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Toronto-listed miner OceanaGold said on Wednesday it will raise 6.08-billion pesos ($106-million) through an initial public offering (IPO) of its Philippine unit, the first listing in the Southeast Asian nation in 2024.

In a disclosure, OceanaGold Philippines Inc said it had priced its IPO at 13.33 pesos ($0.2326) per share, a discount of 23% to a maximum potential price of 17.28 pesos included in the filing to securities regulators.

“The deal was supported by foreign and local investors,” Eduardo Francisco, president of BDO Capital, the IPO’s underwriter. “It is a big discount which will give good dividend yield and upside to investors.”

OceanaGold plans to sell up to 456 million common shares or a 20% stake in OceanaGold Philippines, which would give the unit a market capitalisation of 30.39-billion pesos.

The offer period will run from April 29 to May 6 and the listing is set for May 13, OceanaGold said in its preliminary IPO notice. It is running the IPO to comply with a regulatory requirement for its gold and copper mine in the northern Philippines.

The Philippines is seeking to revitalise its mining sector to boost the economy. It is a major nickel ore supplier to top metals consumer China, and also has substantial copper and gold reserves.

OceanaGold’s Didipio mine started commercial operations in 2013 and has a mine life of up to 2035. It held 1.1-million ounces of gold and 140 000 t of copper as of end-2023, with opportunities to increase output through exploration.