By Prudence Ho
HONG KONG-- BAIC Motor Corp., a Chinese car maker partly owned
by Daimler AG, has raised US$1.4 billion in an initial public
offering in Hong Kong after pricing the deal around the middle of
an indicative price range, people familiar with the situation said
Saturday.
The car maker sold 1.2 billion shares at 8.90 Hong Kong dollars
(US$1.15) each, the people said, around the middle of the HK$7.60
to HK$9.80 indicative price range.
BAIC, which will list in the city Dec. 19, couldn't immediately
be reached for comment.
BAIC secured total of US$786 million worth of orders, or 55% of
the offering, from 10 cornerstone investors who will buy and hold
the shares for six months.
China Aerospace Investment Holdings Ltd., which focuses on
investments in satellite application equipment and financial
services; and Beijing Enterprises Group Co, which is mainly engaged
in the investments in infrastructure and public utility sectors in
Beijing, were among the cornerstone investors, according to the
preliminary listing prospectus.
HSBC Holdings PLC, Citic Securities International, Deutsche Bank
Group, UBS AG and Morgan Stanley are the lead banks on the
deal.
Write to Prudence Ho at prudence.ho@wsj.com
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