October 23, 2015 / 12:31 AM / 3 years ago

China Huarong raises $2.3bln in Hong Kong IPO-IFR

HONG KONG, Oct 23 (Reuters) - State-owned China Huarong Asset Management Co has raised HK$17.8 billion ($2.3 billion) through an initial public offering (IPO) in Hong Kong after pricing the deal near the bottom of a marketing range, IFR reported late on Thursday.

China Huarong, China’s largest distressed debt manager, priced the IPO at HK$3.09 a share, after marketing it in the HK$3.03-HK$3.39 each range, said IFR, a Thomson Reuters publication, citing sources close to the deal.

The bad-debt manager had offered 5.77 billion new shares, or 15 percent of the enlarged equity capital in the IPO.

The final offer price represents a 2015 full-year forecast price-book-ratio of 0.97, the report said. About 70 percent of the shares were taken up by 10 cornerstone investors.

China Huarong was not immediately available for comment.

CICC, Citigroup, Goldman Sachs, ICBC International, and HSBC are joint sponsors on the Huarong IPO.

$1 = 7.7500 Hong Kong dollars Reporting by Fiona Lau at IFR; Editing by Paul Tait

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