Cofco Meat Holdings Ltd (中糧肉食控股), the Chinese pork producer part-owned by KKR & Co, is seeking to raise as much as US$333 million in a Hong Kong initial public offering (IPO).
The state-backed company is offering 975.6 million shares at HK$2 to HK$2.65 apiece, according to terms for the deal obtained by Bloomberg yesterday.
Haier Group Corp (海爾) agreed to buy US$57.4 million of stock as the biggest cornerstone investor in the offering, the terms show.
Investors are returning to the Chinese food industry after a series of safety scandals that shook consumer confidence.
Shares of WH Group Ltd (萬洲國際), the Chinese owner of the Smithfield bacon brand, have risen 56 percent in Hong Kong trading this year, outpacing the 5.2 percent gain in the territory’s benchmark Hang Seng Index.
KKR, Baring Private Equity Asia, Hopu Investment Management Co (厚樸投資管理), and Boyu Capital (博裕資本) bought stakes in Cofco Meat in 2014, according to a pre-listing filing with the Hong Kong stock exchange.
Hopu sold its interest in the company last year to Singapore state investment firm Temasek Holdings Pte, the filing shows.
Cofco Meat follows Dali Foods Group Co and seasoning producer Yihai International Holding Ltd (頤海) in pursuing a Hong Kong listing to fund expansion.
First-time share sales in the territory have raised US$19.1 billion this year, down from US$21.1 billion during the same period last year, according to data compiled by Bloomberg.
Other cornerstone investors in the Cofco Meat IPO include China Life Insurance Co Ltd (中國人壽保險) and China Life Franklin Asset Management Co (中國人壽富蘭克林資產管理).
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