China’s Nongfu Spring to raise $1.1 bln in Hong Kong IPO

Published on: August 24, 2020
Author: Caroline Kong

Chinese drinks maker Nongfu Spring will raise up to $1.08 billion by pricing its shares between HK$19.50 to HK$21.50 ($2.52 to $2.77) in its Hong Kong initial public offering, according to its prospectus.

The deal opens on Tuesday and is due to be finalised on Friday. The company will sell 388.2 million shares.

Nongfu Spring is due to start trading on the Hong Kong Stock Exchange on Sept. 8, the listing documents state.

The prospectus shows five cornerstone investors, led by fund manager Fidelity, hedge fund Coatue and Singapore sovereign wealth fund GIC, have subscribed for stock in the deal.

At up to $1.08 billion, it will be one of the largest IPOs in Hong Kong in 2020, with the biggest so far being Bohai Bank’s $1.78 billion IPO in July.

Source: Reuters

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