Bankers are set to start pre-marketing today June 5 for the Hong Kong initial public offering of Nexteer Automotive, a Michigan-based steering and driveline systems supplier that is seeking to raise about $400 million to $500 million, a source says.
The company was formerly part of Delphi and General Motors, before GM sold it to China-based Pacific Century Motors in 2010. Chinese state-owned parts manufacturer AVIC Automobile Industry Holding then acquired a 51% stake in Nexteer’s owner, Pacific Century Motors, according to Nexteer.
Through the IPO, the company plans to sell 30% of the company, and all shares will be new, the source says, adding that...
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