Fuyao Glass begins bookbuilding this Wednesday for a HK$6.5 billion to HK$7.39 billion $839 million to $951 million dual listing that is on target to beat Hong Kong Broadband Network's recent $750 million deal as the territory's largest initial public offering so far this year.
Fund managers say the 440 million primary share deal will be marketed at HK$14.80 to HK$16.80 per share. Based on Monday's closing price of Rmb15.02, that represents a 9% to 20% discount to the auto glass manufacturer's Shanghai-listed A shares.
Pricing is scheduled for March 24 and the listing is expected on March 31.
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