Sunshine Oilsands launches Hong Kong IPO of up to $606 million

Calgary-based Sunshine Oilsands will launch the institutional bookbuilding for its Hong Kong initial public offering today, about a week later than initially expected due to what sources say was a process-related issue.

The oil sands company has set a price range that will allow it to raise between HK$4.49 billion and HK$4.69 billion $580 million to $606 million through the first large-scale IPO in Hong Kong this year. It is offering 923 million new shares, or about 32% of its enlarged share capital, at a price ranging from HK$4.86 to HK$5.08 per share.

The total proceeds could be increased to as much as...