Billion Industrial Seeks Up to HK$3.5 Billion in Stock Sale
Billion Industrial Holdings Ltd., a Chinese producer of filament yarns for making fabrics and textiles, said it plans to raise as much as HK$3.5 billion ($450 million) in an initial public offering in Hong Kong.
Billion Industrial is offering 575 million shares at HK$4.53 to HK$6.08 each, according to an e-mailed statement today. CCB International (Holdings) Ltd., UBS AG (UBSN) and Bank of America Corp. (BAC)’s Merrill Lynch unit are managing the sale.
The new shares will account for 25 percent of the company after the sale, according to the release. Billion Industrial said it will start taking orders from individual investors tomorrow and trading is scheduled to begin on May 18.
About 75 percent of the IPO proceeds will be used to build a new production site and an operation center in Fujian province, according to the statement.
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