Market Chatter: China Resources Beverage Raises HK$5 Billion in Hong Kong IPO, Prices at Top of Range

MT Newswires Live10-22

China Resources Beverage (HKG:2460) raised HK$5.04 billion from its initial public offering in Hong Kong, the South China Morning Post reported Monday, citing a term sheet.

The bottled water manufacturer priced its initial public offering at HK$14.50 apiece, at the top end of its HK$13.50-HK$14.50 price range, the report said.

The Hong Kong portion of the offering was oversubscribed by more than 200 times while the international portion was oversubscribed by multiple times, the SCMP said, citing a banker involved in the IPO.

CR Beverage could exercise an option to sell an additional 52.2 million shares, the report said.

UBS Asset Management, one of the nine cornerstone investors, will subscribe to one-third of the shares allocated to cornerstone investors, the report said.

Shares will start trading on the Hong Kong exchange Wednesday.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price (HKD): $2743.70, Change: $+4.8, Percent Change: +0.18%

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