HONG KONG, Oct 28 (Reuters) - Food packaging products maker CPMC Holdings Ltd plans to raise up to about $139 million in an initial public offering of shares in Hong Kong, braving a weakened market appetite as a flood of IPOs put pressure on offerings.
CPMC, a packaging unit of China National Cereals, Oils and Food Stuffs Corp or COFCO, is selling 200 million shares, or 25 percent of its enlarged share capital, at HK$3.85-5.39 each, according to a term sheet obtained by Reuters on Wednesday.
Cornerstone investors include China Resources (Holdings) Co Ltd and CCB International Asset Management.
CPMC would price the shares on Nov. 6 and listing was expected to take place on Nov. 16, the term sheet said.
China International Capital Corp and BOCI Asia are handling the deal.
Analysts said some listing candidates may have to scale down funding size or postponed planned IPOs in a crowded market, especially as the market is flooded with real estate IPOs.
Shenzhen-based property developer Excellence Real Estate Group Ltd has shelved its up to $1 billion Hong Kong IPO plan because of market conditions, the latest Asian offering to succumb to weak investor demand.
(US$1=HK$7.75)
(Reporting by Alison Lui and Donny Kwok; Editing by Chris Lewis)
((donny.kwok@thomsonreuters.com; +852 2843 6470; Reuters Messaging: donny.kwok.reuters.com@reuters.net)) Keywords: CPMC IPO (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
CPMC, a packaging unit of China National Cereals, Oils and Food Stuffs Corp or COFCO, is selling 200 million shares, or 25 percent of its enlarged share capital, at HK$3.85-5.39 each, according to a term sheet obtained by Reuters on Wednesday.
Cornerstone investors include China Resources (Holdings) Co Ltd and CCB International Asset Management.
CPMC would price the shares on Nov. 6 and listing was expected to take place on Nov. 16, the term sheet said.
China International Capital Corp and BOCI Asia are handling the deal.
Analysts said some listing candidates may have to scale down funding size or postponed planned IPOs in a crowded market, especially as the market is flooded with real estate IPOs.
Shenzhen-based property developer Excellence Real Estate Group Ltd has shelved its up to $1 billion Hong Kong IPO plan because of market conditions, the latest Asian offering to succumb to weak investor demand.
(US$1=HK$7.75)
(Reporting by Alison Lui and Donny Kwok; Editing by Chris Lewis)
((donny.kwok@thomsonreuters.com; +852 2843 6470; Reuters Messaging: donny.kwok.reuters.com@reuters.net)) Keywords: CPMC IPO (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
© 2009 AFX News
