Longyuan Power Group, China's largest wind developer, has raised $2.2 billion from its Hong Kong initial public offering, having priced its shares at the top end of its indicative range, according to published reports.
The company sold 2.1 billion shares at $1.05 each. An option to increase the size of the offer by 15% would see the size of the deal rise to $2.5 billion, although Longyuan has not yet indicated it plans to do so.
The stock is slated to begin trading Dec. 10.
Longyuan's major investors include New York private equity firm WL Ross & Co.; David Li, chairman of the Bank of East Asia; and Value Partners Group, an asset manager based in Hong Kong. China Investment Corp., the country's sovereign wealth fund, has also agreed to buy $400 million of shares in the public offering.
SOURCE: Dow Jones Newswires