Anta Sports Products, a Chinese developer of sportswear, raised about HK$11.8 billion ($1.5 billion) through a top-up placement in Hong Kong, completing the city’s largest additional share sale since October 2021, reports Bloomberg. The firm priced 119 million shares at HK$99.18 each, according to a filing on Tuesday, at a discount of 8.8% to Monday’s close. They were sold near the bottom of a range that went as high as HK$102.27, according to terms of the deal seen by Bloomberg on Monday.
The additional share sale is Hong Kong’s largest since Chinese car and battery maker BYD raised about $1.78 billion in a share placement 18 months ago. After a busy start to the year, block and placements in the Asian financial hub slowed down amid an increase in volatility with equities trading.
Anta Sports plans to use the proceeds for the repayment of outstanding debt and for general working capital of the group. Citigroup, Morgan Stanley and UBS Group AG are the placing agents.
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