Power Assets Seeks $3.6 Billion in Downsized Electricity IPO

Power Assets Holdings Ltd., controlled by Asia’s richest man Li Ka-shing, reduced the size of an initial public offering of HK Electric Investments and will sell almost a fifth of the electricity supplier to State Grid Corp. of China.

Power Assets will raise as much as HK$27.9 billion ($3.6 billion) selling HK Electric units at HK$5.45 to HK$6.30 apiece, it said in a statement yesterday. The company is offering a 50.1 percent stake in HK Electric, after previously saying it planned to sell as much as 70 percent of Hong Kong second-largest power supplier.