China Huishan Dairy raises $1.3 bln, prices HK IPO at top-source
HONG KONG, Sept 19
HONG KONG, Sept 19 (Reuters) - China Huishan Dairy , which owns the country's second largest herd of dairy cows, raised $1.3 billion in a Hong Kong IPO, pricing the offering at the top of expectations, a source with direct knowledge of the deal said on Thursday.
The initial public offering of 3.79 billion shares was priced at HK$2.67 per share, after being marketed in a range of HK$2.28-$2.67, said the source, who was not authorized to speak publicly on the matter. That puts the total offering at HK$10.12 billion ($1.3 billion).
Huishan Dairy hired Deutsche Bank, Goldman Sachs , HSBC and UBS as sponsors and joint global coordinators of the IPO. CIMB, Investec Capital Asia and Jefferies acted as joint bookrunners.
In a sector bedevilled by food safety scandals, investors are drawn to Huishan's position as China's largest integrated dairy firm with control over grass planting, dairy processing and product development - giving it more oversight on quality. ($1 = 7.7541 Hong Kong dollars) (Reporting by Elzio Barreto; Editing by Edwina Gibbs)
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