Nada Yoga › Forum › Principale › NadaYoga › Nongfu Spring Plans $1 Billion Hong Kong IPO

xysoom · Registrato: Mag 15, 2020 Messaggi: 1676

Nongfu Spring Plans $1 Billion Hong Kong IPO

Chinese bottled water manufacturer Nongfu Spring is pressing ahead with its Hong Kong initial public offering (IPO) worth up to $1 billion (803.4 million pounds), as the city’s capital markets show signs of reviving following the global coronavirus outbreak.To get more news about Nongfushanquan, you can visit en.nongfuspring official website.

A preliminary prospectus lodged with the Hong Kong Stock Exchange by Nongfu shows it will work towards a listing despite its business being impacted by the pandemic on its mainland market.

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.
Nongfu Spring, the country’s answer to Evian, is being valued at about $31 bln, or a bubbly 41 times profit. That’s less akin to its closest consumer peers and more like brewers such as Tsingtao. Markets and China are recovering, but there’s also some glass-half-full thinking.