This world's biggest IPO this year, Shenhua Energy's US$2.8bn-$3.6bn offering is off to a fast start, with Asian and European fund managers and other investors offering to buy all the shares to be sold by China's largest coal group after just three days of marketing, the Financial Times reported. Shenhua has agreed to sell $650m of its IPO to Anglo American, the world's second largest mining group, and four Hong Kong-based conglomerates and investment funds. Analysts expect Shenhua's share price to be priced at near the middle of its HK$7.25 and HK$9.25 target range, which would be at a discount to the valuations of its international rivals.
Categories