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Luye Pharma’s private equity backers look to raise $761m via Hong Kong IPO

23 Jun 2014

hong kongThe private equity backers of Luye Pharma Group are reportedly looking to raise as much as HK$5.9bn ($761m) in the IPO of the Chinese drug maker.

Luye Pharma is planning to float 999.6m shares price at between HK5.38 and HK5.97 a piece, according to terms of the deal obtained by Bloomberg.

The company is backed by private equity firms CDH Investments Fund Management and Citic Private Equity Funds Management as well as Singapore’s sovereign wealth fund GIC.

Luye was valued at S$641m (513m) in its management buyout in 2012.

Six cornerstone investors will buy shares worth $280m in the IPO, according to the terms.

Value Partners Group will buy $100m worth of equity and Orbimed and Prime Capital will each buy $50m.

Earlier this year Chinese pork producer WH Group, which is also backed by CDH, cancelled its Hong Kong IPO due to volatile markets and rising valuations.

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.

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