China's Yitai Coal not to start bookbuilding for Hong Kong IPO next week-IFR
June 8 |
June 8 (Reuters) - Chinese coal producer Inner Mongolia Yitai Coal does not plan to start bookbuilding for its Hong Kong initial public offering next week, Thomson Reuters publication IFR reported on Friday.
The B share-listed company, which finished its IPO pre-marketing on Friday, is considering selling fewer shares to raise about $800 million, the report said. The IPO size was originally planned to be around $1 billion to $1.5 billion.
B-shares are a class of stock traded in mainland China denominated in either U.S. dollars or Hong Kong dollars.
The company, which received approval from the China Securities Regulatory Commission (CSRC) for the deal in mid-April, plans to sell up to 258 million shares in Hong Kong.
BOC International and China International Capital Corp (CICC) will act as sponsors and joint bookrunners with BNP Paribas, Bank of America Merrill Lynch, Macquarie and UBS. (Reporting by Fiona Lau; Writing by Sharanya Hrishikesh in Bangalore)
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