SYDNEY, Sept 11 (Askume) – Chinese home appliance maker Midea Group (000333.SZ) will raise at least $3.46 billion through a Hong Kong listing, Matters said, pricing its shares at the top of an indicative range, according to the people.
Sources said preparations have been expedited to complete the booking for the deal on Wednesday.
Midea has an option to raise the deal size to $3.98 billion if demand is strong and is expected to exercise that option, the sources said.
The listing will be JD Logistics’ biggest in Hong Kong since it raised US$3.16 billion in May 2021.
The source, who discussed confidential information, could not be identified. The outlet did not immediately respond to a request for comment.
Midea’s Shenzhen-listed shares rose 1.5% to 61.66 yuan on Wednesday. The stock has gained about 13% so far in 2024, according to LSEG.
The documents show that the media launched the sale of 492.1 million shares in Hong Kong on Monday, and the shares will be priced between HK$52 and HK$54.80 per share.
The deal’s bookrunner told investors on Wednesday that they could miss out on opportunities if orders do not reach peak levels. He said the price was set at HK$54.80 per share.
A source said that the demand for books has increased manifold due to orders from investors.
(1 USD = 7.7972 HKD)
