Daimler-backed BAIC Motor plans up to $2 bln Q2 Hong Kong IPO-IFR

HONG KONG Thu Jan 16, 2014 11:35pm EST

HONG KONG Jan 17 (Reuters) - Chinese automaker BAIC Motor, partly owned by Daimler AG, plans to raise up to $2 billion in a Hong Kong initial public offering in the second quarter of 2014, 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, added IFR, a Thomson Reuters publication. BAIC Motor is the passenger car unit of state-owned Beijing Automotive Group (BAIC).

The new banks would join Goldman Sachs and Morgan Stanley, which have been working on the deal since 2013.

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