Haitian eyes US$1.22 billion Hong Kong IPO as soy sauce maker joins beeline for the city
The final IPO size could reach US$1.48 billion if size adjustment and overallotment options are exercised at the top end of price range
The Shanghai-listed company is offering 263.2 million shares at HK$35 to HK$36.30 each, with the final offer price to be determined by June 17, Haitian said in a Hong Kong stock exchange filing on Wednesday. The firm will allocate 6 per cent of the base offering to Hong Kong investors and 94 per cent to global investors, according to the filing.
Haitian may increase the offer by an additional 55.3 million shares under the size adjustment and overallotment options granted to the arrangers to meet excess demand, according to the prospectus. This could swell the final IPO size to as much as HK$11.6 billion at the top end of the price range.
The stock is expected to start trading on June 19 under the 3288 code, according to the indicative timetable.
At HK$36.30 per share, Haitian would be pricing its Hong Kong shares at a 20 per cent discount to its onshore shares. They closed little changed at 41.73 yuan (HK$45.58) in Shanghai on Wednesday.