Huaneng IPO raises US$800m in HK
Source: Bloomberg News |
June 4, 2011, Saturday
|
Print Edition
Print Edition
HUANENG Renewables Corp, the wind-power unit of China's biggest electricity producer, raised HK$6.23 billion (US$800 million) in a Hong Kong initial public offering, two people with knowledge of the matter said yesterday.
The unit of China Huaneng Group Corp sold 2.49 billion shares at HK$2.50 apiece, near the midpoint of a range marketed to investors, said the people, who asked not to be identified.
Huaneng Renewables earlier offered the shares at HK$2.28 to HK$2.98 each, according to a prospectus for the sale.
The final price is about 14.2 times Huaneng Renewables' forecast 2011 earnings, the people said.
China Datang Corp Renewable Power Co is trading at 16.7 times estimated 2011 profit while Xinjiang Goldwind Science and Technology Co trades at a multiple of 12.6 times.
The Beijing-based company plans to start trading next Friday.
Huaneng Renewables scrapped an earlier listing plan because of unexpected and excessive market volatility, the company said on December 13.
Morgan Stanley, China International Capital Corp, Goldman Sachs Group Inc and Macquarie Group Ltd managed the IPO, the prospectus shows.
China Investment Corp, Temasek Holdings Pte and General Electric Co are among key investors who agreed to buy a combined US$415 million of stock in Huaneng Renewables' IPO, the prospectus shows.
China Datang Corp Renewable, the wind unit of the nation's second-largest power producer, raised HK$5 billion (US$643 million) in a Hong Kong IPO in December.
The Chinese government wants at least 15 percent of the country's energy to come from renewable sources, including wind, by 2020.
The unit of China Huaneng Group Corp sold 2.49 billion shares at HK$2.50 apiece, near the midpoint of a range marketed to investors, said the people, who asked not to be identified.
Huaneng Renewables earlier offered the shares at HK$2.28 to HK$2.98 each, according to a prospectus for the sale.
The final price is about 14.2 times Huaneng Renewables' forecast 2011 earnings, the people said.
China Datang Corp Renewable Power Co is trading at 16.7 times estimated 2011 profit while Xinjiang Goldwind Science and Technology Co trades at a multiple of 12.6 times.
The Beijing-based company plans to start trading next Friday.
Huaneng Renewables scrapped an earlier listing plan because of unexpected and excessive market volatility, the company said on December 13.
Morgan Stanley, China International Capital Corp, Goldman Sachs Group Inc and Macquarie Group Ltd managed the IPO, the prospectus shows.
China Investment Corp, Temasek Holdings Pte and General Electric Co are among key investors who agreed to buy a combined US$415 million of stock in Huaneng Renewables' IPO, the prospectus shows.
China Datang Corp Renewable, the wind unit of the nation's second-largest power producer, raised HK$5 billion (US$643 million) in a Hong Kong IPO in December.
The Chinese government wants at least 15 percent of the country's energy to come from renewable sources, including wind, by 2020.
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