January 9, 2017 / 4:32 AM / a year ago

Distressed debt manager China Orient to raise $1.5 bln ahead of IPO-IFR

HONG KONG, Jan 9 (Reuters) - Distressed debt manager China Orient Asset Management Co Ltd plans to raise about $1.5 billion ahead of a planned initial public offering (IPO) in Hong Kong, IFR reported on Monday, citing people close to the deal.

China Orient AMC, as the company is called, picked China International Capital Corp Ltd (CICC) and Goldman Sachs to help arrange the pre-IPO funds from strategic investors, added IFR, a Thomson Reuters publication. A listing is possible in 2017, but more likely in 2018, one of the people told IFR.

China Orient AMC and CICC didn’t immediately reply to a Reuters request for comment on the deal, while Goldman Sachs declined to comment.

Reporting by Fiona Lau and Ken Wang of IFR; Writing by Elzio Barreto; Editing by Sam Holmes

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