Haitian eyes US$1.22 billion Hong Kong IPO as soy sauce maker joins beeline for the city
Foshan Haitian Flavouring and Food Company, the largest listed condiment producer in mainland China, is seeking to raise up to HK$9.56 billion (US$1.22 billion) in Hong Kong, marking one of the city's largest initial public offering s (IPOs) this year and giving a boost to its status as a world-leading fundraising hub.
The company is offering 263.2 million H shares at a maximum price of HK$36.30 each, with the final offer price to be determined on or before June 17, Haitian said in a statement to the Hong Kong stock exchange.
About 30 per cent of the estimated net proceeds would be used to expand Haitian's production capacity, adopt new technologies, digitisation and upgrades of its supply chain. Another 20 per cent is earmarked for product development and research in advanced technologies and process improvements, according to the company's listing prospectus.
Haitian, established in 1955, said it would use 20 per cent of the proceeds to enhance its global presence, including its global brand image, expand sales channels, and strengthen overseas supply chain capabilities, the company said.
An undated photograph of Foshan Haitian's factory. Photo: Captured from online.
Haitian said it would use an additional 20 per cent to bolster its sales network and improve market penetration. The remaining 10 per cent would be used for working capital and general corporate purposes.
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