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China Yongda relaunches IPO with backing from Baring, Prax

3 Jul 2012

China Yongda Automobiles Services, a car dealership operator based in Shanghai, has relaunched its Hong Kong IPO after shelving plans to list in May after receiving tepid enthusiasm from investors, in a listing that could raise HK$1.67bn ($215m).

China Yongda has lowered its share price to HK$6.60 apiece, down from a range of HK$7.60 to 10.80, and cut the size of the offering by 20 per cent to 253.5 million shares, not including over-allotment option.

Hong Kong-based buyout house Baring Private Equity Asia will remain as a cornerstone investor in the offering, and is now buying $80m worth of shares instead of the previously proposed investment of $120m.

The firm will invest alongside China-focused peer Prax Capital, which has agreed to buy $24m of shares. The two investors will cover 48.4 per cent of the offering.

Oman Investment Fund, which was reported to be the second cornerstone investor with a $30m shareholding, has pulled out of the offering.

HSBC and UBS are acting as joint global co-ordinators and joint bookrunners with BoCom International, according to China Yongda’s listing prospectus.

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