YuanShengTai Dairy Farm, better known as YST Dairy, has priced its Hong Kong initial public offering at HK$2.70 per share, resulting in a total deal size of HK$3.3 billion $426 million.
The price was fixed in the lower half of the HK$2.49-HK$3.18 range despite sources saying the deal was multiple times subscribed. There is also a lot of positive momentum in China’s dairy sector at the moment on the back of the government’s announcement last week that it plans to relax its one-child policy.
The thinking is that this may increase the demand for baby formula, which is a key product...
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