HONG KONG, July 30 China's Rundong Automobile Group, backed by private equity firm KKR & Co LP, said it will launch an up to $138 million initial public offering in Hong Kong on Thursday, betting on continued demand for luxury vehicles in the world's second-largest economy.
The IPO will consist of 268.62 million shares in an indicative range of HK$3.58 to HK$3.98, the company said in a statement, valuing the at up to HK$1.07 billion ($138.1 million).
Bank of America Merrill Lynch and Morgan Stanley were hired as sponsors and joint global coordinators of the IPO, with CCB International and Haitong International also acting as joint bookrunners.
($1 = 7.74 Hong Kong dollars) (Reporting by Dancy Zhang; Writing by Elzio Barreto)
UPDATE 1-GM settles hundreds of ignition switch lawsuits
NEW YORK, June 23 General Motors Co has agreed to settle federal lawsuits by as many as 203 plaintiffs over defective ignition switches in its vehicles, a Friday court filing shows.