Chinese pork firm's $6.6b IPO set to be the biggest in a year
Published on Apr 10, 2014 2:23 PM
HONG KONG (AFP) - Chinese pork producer WH Group hopes to raise more than $5 billion in what would be the world's biggest initial public offering for a year as it plans to list in Hong Kong, giving a boost to the city's IPO market.
The company - which last year bought US giant Smithfield Foods in a landmark multi-billion-dollar deal - will sell 3.66 billion shares at an indicative price range of HK$8.00-HK$11.25 each.
If the Henan-based firm, formerly known as Shuanghui International Holdings, sells its shares at the top end of the range, it would raise US$5.3 billion (S$6.6 billion). That would make it the largest IPO globally since Brazil's BB Seguridade Participacoes SA raised US$5.7 billion in April last year.
It would also be Hong Kong's biggest since US insurer AIA raised US$20.5 billion in 2010. WH Group's shares are expected to list on April 30, according to Dow Jones Newswires.
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