HONG KONG, Oct 28 (Reuters) - China’s largest infant milk formula company, China Feihe Limited, is relaunching its bid to become a publicly listed entity, hoping to raise up to $1.14 billion through an initial public offering in Hong Kong, two people with direct knowledge of the matter said.
The Beijing-based company is selling about 893 million primary shares, or 10% of its enlarged share capital, at an indicative range of HK$7.5 to HK$10 ($0.96-$1.28) a share, the people said.
The price range represents a multiple of 12.2-16.2 times Feihe’s forecast 2020 earnings and gives the firm a market capitalisation of $8.5 billion to $11.4 billion after the IPO, added the people, who declined to be identified as the information was not public yet.
Feihe declined to comment. (Reporting by Julie Zhu and Scott Murdoch; Editing by Stephen Coates)