IRC Rights Issue Raises HK$323.6 Million and Lifts Axioma Capital’s Stake to Nearly 74%

Claim 50% Off TipRanks PremiumUnlock hedge fund-level data and powerful investing tools for smarter, sharper decisions Stay ahead of the market with the latest news and analysis and maximize your portfolio's potentialIRC ( (HK:1029) ) just unveiled an update. IRC Limited has completed a rights issue on the basis of one rights share for every two existing shares, raising gross proceeds of approximately HK$325.9 million (net HK$323.6 million). Around 73.03% of the 638,974,294 rights shares offered were validly subscribed, with the remaining 26.97% underwritten by Axioma Capital, which, after fulfilling its underwriting commitments and its own provisional subscription, now holds about 73.95% of IRC’s enlarged issued share capital, materially increasing its control. No unsubscribed rights shares were successfully placed under the compensatory arrangements, resulting in no net gain for no-action shareholders. The company plans to use roughly 68% of the net proceeds to fully repay borrowing principal due to MIC, about 22% to fund mining operations at its K&S magnetite project, and the remaining 10% to replenish general working capital, strengthening its balance sheet while supporting ongoing production and operational needs. The most recent analyst rating on (HK:1029) stock is a Hold with a HK$0.52 price target. To see the full list of analyst forecasts on IRC stock, see the HK:1029 Stock Forecast page. More about IRC IRC Limited is a Hong Kong-incorporated company listed on the Stock Exchange of Hong Kong, with operations focused on mining, including the K&S magnetite development project comprising the Kimkan and Sutara deposits. The company’s activities center on the production and development of iron ore-related resources, positioning it within the broader mining and natural resources sector, with a key operational asset base in its K&S project. Average Trading Volume: 569,500 Technical Sentiment Signal: Sell Current Market Cap: HK$702.9M Learn more about 1029 stock on TipRanks’ Stock Analysis page.