Huaneng Renewables, the wind power unit of China’s largest power producer, China Huaneng Group, has raised HK$6.23 billion $800 million from its second attempt at a Hong Kong initial public offering.
The company’s first effort in December last year was called off before pricing partly due to a competing IPO from a key mainland rival, Datang Renewable, that was offered at a cheaper valuation. So it was probably with some satisfaction that Huaneng was able to price its re-launched and scaled-down offering at a premium to that same competitor.
The company achieved this even after pricing the deal in the lower half of the range at...
¬ Haymarket Media Limited. All rights reserved.
