Chinese Drinks Maker Nongfu Spring Raises $1.1b In Hong Kong IPO

Monday August 31, 2020.

Photo: Nongfu Spring website

Chinese drinks producer Nongfu Spring will raise nearly $1.1 billion in its Hong Kong initial public offering (IPO) after pricing its shares at HK$21.50 each, according to two sources with direct knowledge of the matter.

The final price is at the top end of the range the company flagged when it launched the deal last week to list its shares in Hong Kong. The sources could not be named because the information has not yet been made public.

Nongfu Spring did not immediately respond to a request for comment.

In the deal, Nongfu sold 388.2 million shares and 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 $1.1 billion, Nongfu’s is 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 will start trading on Sept. 8 on the Hong Kong Exchange.

Reuters

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