October 28, 2019 / 6:42 AM / 23 days ago

China baby formula maker Feihe to raise up to $1.14 bln in HK IPO-sources

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)

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