HONG KONG (XFN-ASIA) - Pan Asia Environmental Protection Group, a China-based environmental protection services provider, plans to issue 200 mln shares at 2.4-3.0 hkd per share in an initial public offering (IPO) in Hong Kong, according to a market source.
The company is expected to raise up to 600 mln hkd from the IPO.
Retail subscription will open on Monday, with trading of shares to begin on Dec 21.
Two cornerstone investors, US-based GE Asset Management and UK-based equity manager Martin Currie, will subscribe to 40 mln shares and 26 mln shares respectively for a total of 198 mln hkd, the source said.
According to the preliminary prospectus, the company's net profit rose 40 pct last year to 165 mln yuan from a year earlier.
The company is owned by China Rare Earth's Jiang Quanlong.
roby.lau@yahoo.com
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