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Fosun International Ltd, one of the mainland's largest privately owned conglomerates, has raised $1.48 billion in itsinitial public offering(IPO), sources said on Friday.
TheShanghai-based company priced its offering at HK$9.23 per share, the top end of an indicated range. It sold all of its 1.25 billion shares on offer, or 20 percent of its enlarged share capital.
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"The company wants to attract (very wealthy global investors), because those who are subject to a six-month lockup period can help Fosun stabilize its stock price after listing and boost its market performance," said Eugene Lau, executive director with Goldman Sachs Gao Hua Securities Company Ltd.
The company is set to debut on the Hong Kong stock exchange on July 16.
Morgan Stanley, UBS AG and China International Capital Corp underwrote the offering.
The company has diversified businesses in steel,real estate, pharmaceuticals,retailing,mining, and securities.
Fosun Group, wholly owned by Fosun International, is a shareholder of many public companies, including Shanghai-listed Nanjin Iron & Steel, Sinopham Medicine Holding Co Ltd, Shanghai Yuyuan Tourist Mart and Hong Kong-listed companies Shanghai Forte Land and Zhaojin Mining Industry.
The company plans to use proceeds from its IPO to fund moreacquisitions and repay debt.
Fosun Group's net profit fell nearly 25 percent last year but projects profits to double to 2.1 billion yuan this year, followed by a 31 percent jump next year, according to its prospectus.
(China Daily 07/07/2007 page10)
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