CICC seeks to raise US$810m via IPO
Print Edition
China International Capital Corp, the country’s first joint-venture investment bank, launched its initial public offering in Hong Kong yesterday as it seeks to raise up to HK$6.28 billion (US$810 million).
CICC is offering 611 million shares at an indicative price range between HK$9.12 and HK$10.28 each, which could help it net up to HK$6.28 billion. The IPO, whose subscription runs from yesterday to Friday, will list on the Hong Kong stock exchange on November 9.
CICC plans to use almost half of the proceeds from the IPO to develop equity sales and trading, fixed income, currencies and commodities businesses. The bank will spend 20 percent of the proceeds on wealth management and another 20 percent to grow its global influence, according to its IPO prospectus.
CICC, set up by Morgan Stanley and China Construction Bank in 1995, has already secured orders from 10 cornerstone investors, mostly state-owned companies, which have snapped up a total of US$465 million, or roughly 57 percent of its offering.
Silk Road Fund will become CICC’s largest investor with an investment of US$100 million, while Baosteel Group, utility CGN Power, Hong Kong-based fund manager Value Partners Group Ltd, Commercial Aircraft Corp and China Mobile have each invested US$50 million.
In 2010, US private equity firms Kohlberg Kravis Roberts and TPG Capital as well as Singapore insurer Great Eastern Holdings acquired stakes in CICC from Morgan Stanley.
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