Dec. 8 (Bloomberg) -- Baoxin Auto Group Ltd., a Chinese luxury car dealer, raised $415 million in a Hong Kong initial public offering after selling shares at the low end of the marketed range, two people with knowledge of the matter said.
The company sold 379.3 million shares at HK$8.50 apiece, the people said, asking not to be identified as the information is private. Shanghai-based Baoxin had offered the shares at HK$8.50 to HK$10.80 each. About 328.7 million shares sold were newly issued, while 50.6 million were existing shares.
Baoxin sells cars made by Bayerische Motoren Werke AG, Tata Motors Ltd.’s Land Rover and Jaguar, as well as other luxury brands in China. The company forecasts profit this year to be no less than 600 million yuan ($94 million), according to a filing to Hong Kong’s stock exchange. That compares with 304 million yuan last year.
Morgan Stanley and JPMorgan Chase & Co. arranged the offering. The company plans to start trading on Dec. 14.
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