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CDH-backed Chinese pork giant WH Group could revive Hong Kong IPO

10 Jul 2014

news_piggy_lrgPrivate equity backed pork production giant WH Group could be ready to relaunch its scrapped $5.3bn Hong Kong IPO after updating the prospectus.

WH cancelled the public listing in April citing volatile markets and rising valuations, which had already seen it slash the expected size of the listing to $1.9bn.

The company is looking for potential cornerstone investors for the IPO according to Reuters, which cited a person familiar with the matter.

CDH has a 33.7 per cent stake in WH Group, New Horizons 4.2 per cent and Goldman Sachs’ private equity arm 5.2 per cent.

Last year WH bought Smithfield Foods, the world’s largest pork processor for $7.1bn, including debt.

The Group had tentatively scheduled to start pre-marketing the IPO on March 31 last year, and it was thought it could hit $6bn through the share sale.

That would have been the biggest Hong Kong listing since insurance company AIA Group raised more than $20bn through an IPO in 2010.

BOC International, Citic Securities International, DBS, Goldman Sachs, Morgan Stanley, Standard Chartered and UBS were sponsoring the offer, which has 13 bookrunners led by Bank of America, Barclays and Deutsche Bank among others.

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