KKR-backed car dealer Rundong Auto Group has reportedly raised $124m at its Hong Kong Stock Exchange IPO.
The luxury automobile dealer offered a total of 268.62 million shares via the float which were priced at the bottom of the company’s estimated range of HKD3.58 ($0.46), according to a term sheet seen by Reuters.
Rundong expected to sell the shares for between HK$3.58 and HK$3.98 and was initially reported to be looking to raise $300m from the float.
The China-based business offered 244.97 million new shares in the deal, while its shareholder Runda PTC offered a further 23.65 million existing shares, according to the IPO prospectus.
KKR bought a stake in the company in 2010 with director at the firm Lane Zhao sitting on its executive board.
Rundong’s brand portfolio includes BMW, Land Rover and Jaguar.
Bank of America Merrill Lynch and Morgan Stanley were joint sponsors and joint global coordinators of the IPO, said Reuters.
In June KKR agreed a €417m deal for a one third stake in the energy arm of Spanish infrastructure, water and renewable power group Acciona, which was tipped to be planning an IPO.
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