SINGAPORE – Mainboard-listed China Everbright Water launched its public offer on the Hong Kong exchange on Wednesday morning (April 24), for about 104 million shares at between HK$2.99-$4.35 (S$0.52-$0.75) per share.
China Everbright Water shares in Singapore traded up 14.1 per cent, or S$0.055 at S$0.445 as at 10.17am. The announcement was made prior to Singapore’s market open.
The water treatment company embarked on the dual listing after previously submitting draft application proofs with the Stock Exchange of Hong Kong on Feb 26.
Ninety per cent of the offer will be international shares, with the remaining 10 per cent for Hong Kong investors, the company said.
At the lowest range, the total share value on offer is about HK$311 million, and HK$452.4 million at its highest.
The group plans to use the proceeds for further liquidity and development of its pipeline projects, with 85 per cent of estimated proceeds to be used for expanding market share in the China water industry and diversifying its portfolio.
Everbright Water’s Hong Kong public offering will close at 12pm on April 29.
It will list on the Hong Kong mainboard on May 8, and its stock code will be 1857. Shares will be traded in board lot of 1,000 shares each.
China International Capital Corporation Hong Kong Securities, China Everbright Securities (HK), CEB International Capital Corporation, ABCI Capital, CMB International Capital and Shenwan Hongyuan Securities (HK) are joint bookrunners.
China International Capital Corporation Hong Kong Securities, China Everbright Securities (HK), CEB International Capital Corporation, ABCI Securities Company, CMB International Capital and Shenwan Hongyuan Securities (HK) are joint lead managers.
China International Capital Corporation Hong Kong Securities and China Everbright Capital are the joint sponsors.