BAIC Motor aims to raise US$2 billion in Hong Kong IPO in second quarter

PUBLISHED : Friday, 17 January, 2014, 4:00pm
UPDATED : Friday, 17 January, 2014, 4:01pm

Chinese carmaker BAIC Motor, partly owned by Germany’s Daimler, plans to raise up to US$2 billion in a Hong Kong initial public offering in the second quarter of this year, IFR reported, citing sources familiar with the plans.

The company has added Citic Securities International, Deutsche Bank and HSBC to the roster of banks managing the deal after a pitching process for mandates last month, IFR, a Thomson Reuters publication, said.

BAIC Motor is the passenger car unit of state-owned Beijing Automotive Group.

The new banks would join Goldman Sachs and Morgan Stanley, which have been working on the deal since last year.