Morgan Stanley-backed Tianhe Chemicals targets $1bn Hong Kong IPO

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Private equity-backed Tianhe Chemicals Group is targeting a public listing in Hong Kong in 2014, which could fetch as much as $1bn, according to Reuters.

The China-based company manufactures lubricant additives and secured a $300m investment from Morgan Stanley Private Equity Asia in March 2012.

At the time, it was said to have previously considered a London IPO, although market volatility forced it to shelve its plans.

JPMorgan Chase & Co and Morgan Stanley are said to be working on the listing.

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