---
title: "IRC Rights Issue Raises HK$323.6 Million and Lifts Axioma Capital’s Stake to Nearly 74%"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/274981254.md"
description: "IRC Limited has completed a rights issue, raising approximately HK$323.6 million, with Axioma Capital increasing its stake to about 73.95%. The rights issue saw 73.03% of shares subscribed, with the remainder underwritten by Axioma. The funds will be allocated to repay debts, support mining operations at the K&S project, and replenish working capital. The latest analyst rating for IRC stock is a Hold with a price target of HK$0.52."
datetime: "2026-02-05T13:08:03.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/274981254.md)
  - [en](https://longbridge.com/en/news/274981254.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/274981254.md)
---

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

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IRC ( (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.

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