China's CDH-backed Luye Pharma Group IPO seeks up to $761 mln -source

HONG KONG, June 23 Sun Jun 22, 2014 9:56pm EDT

HONG KONG, June 23 (Reuters) - Private equity backers including CDH are seeking up to HK$5.9 billion ($761.14 million) for the Hong Kong initial public offering of China's Luye Pharma Group Ltd, a source with direct knowledge of the matter told Reuters on Monday.

The sellers include three China private equity funds, CDH Capital, Citic Private Equity and New Horizon Capital, who took a majority stake in the then-Singapore listed Luye Pharma in March 2012.

The deal will see the shares priced at HK$5.38 to HK$5.92 each, the source said, declining to be identified because the matter is not yet public. The deal is set to price on July 3rd.

Luye Pharma Group could not immediately be reached for comment. ($1 = 7.7515 Hong Kong Dollars) (Reporting by Lawrence White; Editing by Stephen Coates)