Singapore Agribusiness Wilmars Unit To Raise $2b In China IPO

Singapore agribusiness Wilmar International said on Thursday its China business, Yihai Kerry Arawana (YKA), was set to raise 13.9 billion yuan ($2.06 billion) in its proposed initial public offering.

The issue price for the proposed listing was set at 25.70 yuan per YKA share, Wilmar said in a statement.

Strategic investors, comprising state-owned funds, sovereign wealth funds, and insurance companies, have been allocated 30% of the IPO shares.

Singapore sovereign wealth fund GIC, China Life Insurance Co Ltd , China Structural Reform Fund and Rongze Investment Company were among the 20 strategic investors named by the company.

Although the proposed listing is to take place by mid-October 2020, there is no certainty that it will proceed as it was still subject to prevailing market conditions, the firm said.

Reuters