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China Daily

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Monday, October 28, 2019, 13:04
China baby fomula maker Feihe seeks up to US$1.14b in IPO
By Bloomberg
Monday, October 28, 2019, 13:04 By Bloomberg

This undated photo shows visitors at a Feihe Dairy milk formula booth at an exhibition in Zhengzhou, Henan province. (PHOTO PROVIDED TO CHINA DAILY)

China Feihe Ltd, a baby formula producer, started taking investor orders on Monday for its Hong Kong initial public offering which could raise as much as HK$8.9 billion (US$1.14 billion).

The Beijing-based company is offering 893.3 million shares at HK$7.50 to HK$10 apiece, according to terms of the deal obtained by Bloomberg. The price range implied a market value of US$8.5 billion to US$11.4 billion, the terms show.

ALSO READ: Feihe Dairy finds the right formula for growth

The offering would at least be Feihe’s second attempt to conduct an IPO in Hong Kong. It had applied for a listing in the city in May 2017. The dairy company went private from the New York Stock Exchange in 2013 amid a wave of delistings by US-traded Chinese firms.

The government aims to achieve 60% self-sufficiency rate along with improving quality and bolstering consumer confidence for domestic brands in the country’s US$27 billion infant-formula industry. The newly-announced plan will also support domestic dairy producers in acquiring or setting up overseas bases for milk supply as well as tightening regulations on milk-powder imports and online sales platforms.

READ MORE: China's Feihe invests US$234m in Canada's agri-food

Feihe plans to use the proceeds for purposes including offshore debt repayment, potential acquisitions and funding the operation of a new manufacturing plant, the terms show. The company is expected to stop taking investor orders Nov 5 before beginning trading on Nov 13.

JPMorgan Chase & Co, China Merchants Securities Co Ltd, CCB International Holdings Ltd are joint sponsors of the offering, according to a preliminary prospectus.

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