HONG KONG: Huiyuan Juice toasts IPO windfall
China's biggest pure fruit juice maker Huiyuan Juice has raised HKD2.4bn (US$307m) in an initial public offering on the Hong Kong stock exchange.
Lu Changqing, responsible for the listing, told just-drinks yesterday (14 February) that the offering had been priced at HK$6, the top end of an indicative price range, and that the retail tranche was more than 900 times oversubscribed.
Lu called the result "a miracle for a privately owned Chinese business". He said around 35% of the funds raised will go towards adding capacity, another 35% to improving its sales network, 15% for paying off debt, and the rest for updating current facilities and general expenses.
The sale of 400m new shares amounts to about 26% of the company. Danone, which had owned 22.2% of the company, will buy enough new shares outside the IPO to maintain its stake.
Huiyuan is scheduled to start trading on Hong Kong's main board on 23 February.
Following the recent floods in the UK, bottled water companies provided emergency supplies when mains water services broke down. Their largely unsung actions gave the companies a chance to demonstrate...
Attention has been focused on the Indian bottled water sector over the last week or so as speculation has mounted that Danone and a number of other companies are looking to expand their presence in th...
Water is a growth area in the soft drinks market, and Nestlé has been a key player in this fast-expanding category. But the Swiss food and drinks giant has particularly high hopes for its Pure Life br...
Indian software group Wipro has refuted speculation that it is considering launching a takeover bid for the leading Indian bottled water company Bisleri, according to reports....
Danone has posted a slip in group net profit for the first six months of 2007....
Groupe Danone has declined to comment over recent speculation that it is looking at potential acquisitions within the Indian bottled water market....
Evian North America has appointed a new president and general manager....
Frucor Beverages has acquired the assets and brands of the Arano juice business in New Zealand....
- The End of the Road for International Beer Brands?
- Comment - Another One Bites Bacardi's Dust
- Allegro: The shape of things to come at Pernod?
- Pernod Ricard's FY Performance by Region, Brand
- US craft vodka puts squeeze on Pernod's Absolut
- Mast-Jägermeister targets UK off-trade boost
- Pernod bemoans tough FY as sales, profits drop
- ASA bans Jägermeister TV ad
- Bacardi announces CFO switch
- SABMiller exec to become CFO at Beam Suntory