Hong Kong conglomerate Hutchison Whampoa has set the price range for the forthcoming HKSE and NYSE listing of Hutchison Telecommunications International HTI. Pre greenshoe, the company will offer 25% of HTI's existing share capital through an issue of 1.15 billion old shares.
The price range has been set at HK$6.59 to HK$7.63, netting potential proceeds of $HK7.58 billion $972 million to HK$8.77 billion $1.12 billion. Pricing at this level will result in a market capitalization of HK$3.8 billion to HK$4.4 billion.
This represents a 24% to 12% discount to consensus syndicate fair value assumptions around the HK$5 billion...
