After the placement, Sinochem Hong
Kong’s stake in China Jinmao fell to 49.76%
from 53.95%.
CSRC CLEARS THREE NEW LISTINGSThe China Securities Regulatory
Commission has approved three share
listing applications to raise a combined
Rmb6.2bn (US$963m).
In the largest of the three, HUAXI SECURITIES
is pre-marketing a Shenzhen IPO of about
Rmb5bn, with Citic Securities as sponsor.
The Sichuan-based brokerage plans to sell
UPûTOûMûSHARESûFORûAûûFREE
mOATû)TûWILLû
set the price on Monday and start
bookbuilding two days later.
Proceeds will be used for working capital.
Separately, CHINA EXPRESS AIRLINES has
cleared a CSRC hearing for a proposed
Shenzhen IPO of about Rmb1.68bn.
The regional carrier, based in Guizhou
province, plans to offer not more than
40.5m shares, or 10% of its enlarged capital.
Dongxing Securities is the sponsor. Proceeds
will be used to purchase aircraft and for a
mIGHTûTRAININGûPROJECT
4HEûmOATûSTILLûNEEDSûWRITTENû#32#û
approval.
CHINA ORIENTAL PLANS PLACEMENTCHINA ORIENTAL GROUP is looking to raise up to
HK$737m (US$94m) from a placement of
new shares.
The iron and steel company is looking to
offer up to 143.76m new shares at an
indicative price range of HK$5.02–$5.13
each. This represents a discount of 5%–7.04%
to the pre-deal spot.
Certain employees entitled to an
employee share ownership scheme are the
vendors.
Shenwan & Hongyuan Securities, First
Shanghai Securities and Zhongtai International
are joint bookrunners.
CARLYLE CUTS MICROPORT SCIENTIFIC
STAKE
0RIVATEûEQUITYûlRMû#ARLYLEûHASûRAISEDû
HK$386m from a sell-down of its stake in
Hong Kong-listed medical devices maker
MICROPORT SCIENTIFIC.
Carlyle, through investment vehicle
Erudite Investment, sold 46m shares at
HK$8.40 each, or a discount of 5.2% to the
pre-deal spot.
There is a 45-day lock-up on the company.
JP Morgan was the sole placing agent.
BANK OF CHENGDU SEALS IPOBANK OF CHENGDU has raised Rmb2.52bn
(US$394m) from a Shanghai IPO of 361m
shares, or about 10% of its enlarged capital,
at Rmb6.99 each.
The issue price is equal to historical book
value and at a premium of 32% to the
average valuation of listed peers in the
banking industry.
The institutional tranche was covered
about 571 times, while the retail part was
covered 2,167 times before clawback. After
clawback, 90% of the IPO shares were sold to
retail investors.
China Securities was the sponsor. Proceeds
will be used to strengthen the bank’s capital
base.INDIA
JM FINANCIAL READIES SHARE SALEJM FINANCIAL has hired Credit Suisse and IDFC to
WORKûONûAû2SBNû53M ûQUALIlEDû
institutional placement of shares, according
to a person with knowledge of the plans.
Investor roadshows will start this week
and a launch is expected in the current
quarter.
The Indian investment bank is conducting
a postal shareholder ballot for the QIP until
January 29.
For the six months to September 30, JM
&INANCIALûREGISTEREDûAûNETûPROlTûOFû2SBNû
on revenue of Rs13bn.HDFC PLANS Rs19bn QIPHOUSING DEVELOPMENT FINANCE CORP plans a
QUALIlEDûINSTITUTIONALûPLACEMENTûOFûSHARESû
to raise up to Rs19bn (US$300m) within the
next 12 months, the mortgage lender has
said.
The banks on the QIP will be hired later.
HDFC’s board has also approved a
preferential issue of 64.3m shares at
Rs1,726.05 each, or a 2% discount to January
12 close, to raise Rs111bn. The preferential
offer represents 3.9% of the enhanced
capital.
Some 30.1m shares will be sold to
7AVERLY ûANûAFlLIATEûOFû')# ûMûSHARESûTOû
OMERS Administration, a Canadian pension
fund, 9.27m shares to Silverview
)NVESTMENTS ûANûAFlLIATEûOFû++2 ûMû
shares to Carmignac Group and 5.79m
shares to Premji Invest.
Proceeds from the preferential share issue
will be used to buy subsidiary HDFC Bank’s
shares for Rs85bn.INDIAN SOE DUO FILE TO LISTTwo state-owned companies, RITES and
MISHRA DHATU NIGAM ûHAVEûlLEDûDRAFTû)0/û
prospectuses with the Securities and
Exchange Board of India.The Indian government has set an
aggressive privatisation target of Rs725bn
53BN ûFORûTHEûCURRENTûlNANCIALûYEAR ûOFû
which Rs465bn is expected to come from
stake sales in state-owned companies on
local stock exchanges.
Engineering consultant Rites plans to
raise about Rs5bn–Rs10bn (US$79m–$158m)
from the IPO, people with knowledge of the
matter told IFR earlier.
The IPO is likely to be launched by March.
Elara Capital, IDBI Capital, IDFC and SBI
Capital are the bookrunners.
The Ministry of Railways owns 100% of
the company.
Meanwhile, the IPO of Mishra Dhatu Nigam
(Midhani), a metals and alloys manufacturer for
India’s defence industries, is expected to
COMPRISEûUPûTOûMûSHARESûFORûAûûFREE
mOAT
The company, owned by the Ministry of
$EFENCE ûPOSTEDûAûPROlTûAFTERûTAXûOFû2SMû
on revenues of Rs2.2bn for the six months
ended September 30 2017.
IDBI Capital and SBI Capital are the
bookrunners.GALAXY SURFACTANTS SETS IPO GOALIndian speciality chemicals manufacturer
GALAXY SURFACTANTS will open its IPO of
Rs9.37bn (US$147m) for subscription from
January 29 to 31.
The IPO will involve 6.33m secondary
shares, representing 17.8% of the issued
company capital, sold by 307 shareholders.
The price range is set at Rs1,470–Rs1,480.
Edelweiss, ICICI Securities and JM Financial are
bookrunners.
The chemicals company launched a Rs2bn
IPO in 2011, but pulled it because of weak
investor response.
The company is a supplier to personal
care products manufacturers such as L’Oreal
and Colgate-Palmolive. For the six months to
3EPTEMBERû û'ALAXYûPOSTEDûAûPRE
TAXûPROlTû
of Rs1.057bn on revenue of Rs11.97bn.TWO FLOATS COVEREDThe Rs6bn (US$94m) IPO of AMBER ENTERPRISES
was subscribed 6.63 times as of 12:30pm
local time last Friday. Subscription was set
to close later that day.
4HEûCONTRACTûMANUFACTURERSûmOAT ûWHICHû
comprises Rs4.75bn of primary shares and
Rs1.25bn of secondary shares, is being sold
at a price range of Rs855–Rs859 per share.
!MBERûPOSTEDûAûNETûPROlTûOFû2SMûONû
REVENUEûOFû2SBNûFORûTHEûlNANCIALûYEARûTOû
March 31 2017.
The company manufactures air-conditioners
for consumer goods companies such as Daikin,
Hitachi, LG, Panasonic, Voltas and Godrej.
BNP Paribas, Edelweiss, IDFC and SBI Capital
are bookrunners.