Tencent Share Placement Is So Big It Ranks Among Largest HK IPOs
- Naspers offers up to 190 million shares, 2% of shares out
- Deal bookrunners didn’t set price range in intial term sheet
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Naspers Ltd.’s $10.6 billion sale of Tencent Holdings Ltd. shares is so big that, if carried through, it would compare with the largest initial public offerings in Hong Kong history.
No other secondary stock placement has ever come close to that amount, data compiled by Bloomberg show. The only share sales that crossed the $10 billion mark were the initial public offerings of AIA Group Ltd. in 2010 and those of three Chinese lenders -- Agricultural Bank of China Ltd., also in 2010, and Industrial & Commercial Bank of China Ltd. and Bank of China Ltd. four years earlier.