Bad-debt IPO set to raise billions
By Gao Changxin in Shanghai | China Daily | Updated: 2013-11-26 07:31
China Cinda Asset Management Co got a hot response from investors in a roadshow on Monday for a Hong Kong IPO that is expected to raise up to $2.5 billion.
Cinda, one of China's four bad-asset managers, has lined up 10 cornerstone investors in its 5.3-billion-share offering, setting a range of HK$3 (39 US cents) to HK$3.58 per share. If it activates the 15 percent greenshoe option, total funds raised could reach HK$21.9 billion.
The cornerstone investors include New York-based Och-Ziff Capital Management Group LLC, China Life Insurance Co and Norges Bank Investment Management, Norway's sovereign-wealth fund.
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