HK Electric Investments looks set to become Asia’s first large initial public offering in 2014 after bankers started investor education on Monday for a deal that could raise as much as $5.7 billion.
The business trust-like entity, known in Hong Kong as a fixed single investment trust, is a spin-off from Li Ka-shing-controlled Power Assets Holdings, which is one of the two power producers in Hong Kong. The company said last month that it is aiming for a separate listing of its Hong Kong electricity business by January 29. Power Assets’ shareholders formally approved the spin-off on Monday, clearing the final hurdle for the IPO to hit the market.
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