Termbray Petro-king Oilfield Services started the institutional bookbuilding on Friday for a Hong Kong initial public offering that is aiming to raise between HK$695 million and HK$847.5 million $90 million to $109 million. The retail portion of the deal opened on the same day.
Ahead of the launch, the company had signed up five cornerstone investors that committed to invest a total of $35 million in the offering. That means the cornerstone tranche accounts for between 32% and 39% of the deal, depending on the final price.
The investors are Minmetals Private Equity $10 million, Value Partners $10 million, Everbright Private Equity...
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