By Scott Murdoch
HONG KONG, June 7 (Reuters) – China Youran Dairy Group is aiming to boost as much as $800 million in its Hong Kong IPO by pricing its shares at between $HK6.98 to $HK8.66 every, in line with regulatory filings on Monday.
The dairy firm, backed by personal fairness group PAG, will finalise the share value on Thursday earlier than itemizing on the Hong Kong Inventory Change on June 18, the filings confirmed.
On the top quality, the IPO will worth China Youran at $4.2 billion. The corporate plans to promote 715.43 million shares, with an choice to promote an extra 107.three million shares.
The deal contains simply two cornerstone buyers, Citic Prudential and Harvest Non-public Wealth, which have subscribed for a mixed 6.94% of the shares on provide.
The small cornerstone stake is uncommon for a Hong Kong IPO the place these buyers usually lock in the next proportion to make sure they get shares within the deal if the IPO is oversubscribed.
CARsgen Therapeutics Holdings, which launched its Hong Kong IPO of as much as $400 million on Monday, has cornerstone buyers for a stake of as much as 64%, in line with its filings.
In its prospectus, China Youran stated it might use 75% of the funds raised to construct and purchase new dairy farms, 15% to purchase dairy cattle inventory and the rest for working capital.
(Reporting by Scott Murdoch in Hong Kong; enhancing by Richard Pullin)
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