HNA Stands to Raise as Much as $1.2 Billion From Gategroup IPOBy
HNA to sell 54.2 million Gategroup shares after 2016 purchase
Sale to add to HNA’s list of asset sales to pay off debt
The offering will be priced between 16 francs ($17) and 21 francs a share, the Glattbrugg, Switzerland-based airline caterer said in a statement late Wednesday. HNA is selling 54.2 million shares, with an option to add 7.6 million to the sale if demand warrants.
HNA has been disposing of assets that include a stake in Deutsche Bank AG and skyscrapers in New York to pay off billions in debt from a recent acquisition spree. Gategroup’s return to the stock market comes less than a year after HNA delisted the company. Separately, HNA is also looking to list its other Swiss acquisition, Swissport International, in the second quarter.
Gategroup plans to start trading on the SIX Swiss Exchange on March 27. Credit Suisse, UBS and JPMorgan are joint bookrunners.