Hilong Holding, a Chinese oilfield-equipment maker that cancelled its planned $190 million IPO last month, has returned to the market with a downsized deal.
The revised indicated price range is HK$2.50 to HK$3.27, compared to a HK$2.50 to HK$3.7 band the company originally set. The number of offering shares remains the same at 400 million, which means Hilong aims to raise up to HK$1.31 billion $168 million, or HK$170 million less than it first planned.
The company kicked off the bookbuilding yesterday and the market demand was said to be “very good”, according to sources.
Hilong...
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