Silver Base Group, a distributor of Wuliangye alcohol products on the mainland, is set to launch an initial public offering in Hong Kong to raise up to US$150 million, market sources said.
The listing candidate had been given approval by the Hong Kong stock exchange and had met several key investors as it hoped to start the international roadshow and the public offering in the last week of the month, sources said.
The size of the offering was scaled back from the US$300 million that the company sounded out the market on in June last year but failed to launch due to bad market sentiment.
BOC International and UBS are the joint bookrunners of the share sale.
'The IPO is likely to raise US$100 million to US$150 million as it is not an appropriate time to make the shares too pricey,' a source said.
The company hoped to sell shares at about 8 times to 12 times this year's earnings, one source said.