TPG-backed China Grand Automotive raises IPO size to $1bn


hong kong 10_sqPrivate equity-backed auto dealer China Grand Automotive Services is reportedly planning to raise the size of its upcoming IPO in Hong Kong to $1bn from $800m.

The company, which is backed by US private equity firm TPG Capital, expects to get regulatory approval for the IPO sometime in the second quarter, said Dow Jones, citing people with knowledge of the matter.

China International Capital Corp., Goldman Sachs, Citic Securities International, Citigroup, HSBC Holdings and UBS are acting as underwriters for the IPO, according to the report.

It is unclear how much of its stake TPG plans to sell via the IPO.

The report noted that passenger and commercial vehicle sales surged 14 per cent in 2013, which was the biggest increase in three years.

Last month TPG said it was raising up to $2bn for a bridge fund while it attempts to finish deploying its last mammoth flagship vehicle.

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