Three initial share offerings seek to raise HK$6.1b

PUBLISHED : Tuesday, 27 November, 2007, 12:00am
UPDATED : Tuesday, 27 November, 2007, 12:00am

Uni-President China Holdings, Anton Oilfield Services Group and China Sunshine Paper have kicked off the institutional portion of their Hong Kong initial public offerings, hoping to raise a combined HK$6.1 billion, market sources said.

Uni-President China, a food and beverage firm, and its existing stakeholder plan to raise as much as HK$4.13 billion by selling 881.7 million shares at an indicative price range of HK$3.75 to HK$4.68 each, according to a sale document obtained by fund managers.

Two-thirds of the offering involves new shares while the remainder is offered by Cayman President, wholly owned by Taiwan-listed Uni-President Enterprises Corp.

UBS is the sole global co-ordinator while Morgan Stanley and BNP Paribas are also helping the share sale.

Uni-President China has brought in six cornerstone investors, each spending US$20 million. They are Cheng Yu-tung's Chow Tai Fook, Sun Hung Kai Properties' biggest shareholders the Kwok brothers, Singapore's GIC, Goldman Sachs, Leslie Lee Alexander, owner of the Houston Rockets basketball team, and Kerry Group's Robert Kuok.

Anton Oilfield Services, which sells equipment to the top three mainland oil producers, is raising HK$1.25 billion to fund expansion in the mainland oil sector, according to fund managers. The listing hopeful was offering 520 million new shares at HK$1.80 to HK$2.40 each, the sources said.

The offering represents 25.2 per cent of its enlarged share capital. It may sell 78 million additional shares if demand warrants. The firm is receiving orders from investors worldwide until December 6. Trading is expected on December 14. JP Morgan and Credit Suisse are joint bookrunners of the offering.

China Sunshine Paper, the largest mainland producer of white top linerboard by output last year, hired BOC International and BNP Paribas to arrange the HK$745 million listing on the main board by the middle of next month, according to a source close to the offering.

The firm is selling 100 million new shares at HK$5.75 to HK$7.45 each or 17 times to 22 times 2007 earnings, the source said.

Trading is scheduled on December 12.

China Sunshine is engaged in the production and sale of white top linerboard, light coated linerboard and coreboard in the mainland.