China's Midea Group to price shares at top of range in Hong Kong listing, sources say (updated)

JD Logistics

11/09/2024 08:44

(Adds Midea share price data in sixth paragraph)
    By Scott Murdoch and Julie Zhu
       SYDNEY, Sept 11 (Reuters) - Chinese home appliance maker
Midea Group  000333.SZ  is set to price shares at the top of an
indicative range to raise at least $3.46 billion in a Hong Kong
listing, said four people with direct knowledge of the matter.
    Book building for the deal has been accelerated to close on
Wednesday, the people said.
    Midea has an option is increase the size of the deal to
$3.98 billion in the event of strong demand and the firm is
expected to exercise that option, one of the sources said.
        The listing would be the biggest in Hong Kong since JD
Logistics raised $3.16 billion in May 2021. 
  
    The sources could not be identified discussing confidential
information. Midea did not immediately respond to a request for
comment.
    Midea's Shenzhen listed shares rose 1.5% on Wednesday to
trade at 61.66 yuan. The stock is up nearly 13% so far in 2024,
according to LSEG data.
    Midea launched the deal on Monday to sell 492.1 million
shares in the Hong Kong offering, the filing showed, with the
stock to be priced between HK$52 and HK$54.80 per share.
    Book runners for the deal told investors on Wednesday they
risked missing out if orders were not placed at the top,
indicating the price will be set at HK$54.80 per share.
    Books were multiple times oversubscribed with orders from
investors, one of the sources added.
    

($1 = 7.7972 Hong Kong dollars)

 (Reporting by Scott Murdoch; Editing by Christopher Cushing,
Christina Fincher and Kim Coghill)
 ((Scott.Murdoch@thomsonreuters.com;))