Reuters 14 June 2013
Nexteer Automotive Group Ltd, the world’s fifth largest supplier of steering systems, launched on Friday an up to $325 million Hong Kong initial public offering, braving a volatile local stock market and tepid demand for new listings in the city.
The company is offering 720 million new shares in the IPO in an indicative range of HK$2.54 to HK$3.50 each, according to a term sheet of the deal seen by Reuters on Friday. That would value the total deal at up to HK$2.52 billion ($325 million).
The IPO is slated to be priced on June 26, with listing on the Hong Kong stock exchange set for July 3.
Nexteer Automotive launched the IPO one day after Hopewell Hong Kong Properties Ltd postponed plans for a $780 million listing, citing “significant deterioration in market sentiment”, the second company in a month to delay a listing in the city.
BOC International and JPMorgan were hired as joint bookrunners of the Nexteer IPO.
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Nexteer Automotive launches up to $325 mln HK IPO
