China's Nongfu Spring shares set to open up 85% in Hong Kong debut

Nongfu Spring

08/09/2020 02:20

HONG KONG, Sept 8 (Reuters) - Stock of Chinese bottled water
and drinks producer Nongfu Spring Co Ltd  9633.HK  is set to
open at HK$39.80 per share in its Hong Kong debut on Tuesday, up
85.1% from the initial public offering (IPO) price of HK$21.50
each. 
    Nongfu priced its shares at the top end of the range in its
Hong Kong IPO, raising $1.1 billion.  urn:newsml:reuters.com:*:nL4N2FX0S0 
    The IPO was hotly contested with the retail component of the
deal 1,148 times over-subscribed, with institutional demand 60
times over subscribed, according to documents lodged with the
Hong Kong exchange. 
    Nongfu sold 388.2 million shares and five cornerstone
investors, led by fund manager Fidelity, hedge fund Coatue and
Singapore sovereign wealth fund GIC, took stock in the deal. 


 (Reporting by Scott Murdoch and Donny Kwok in Hong Kong;
Editing by Tom Hogue)
 ((Scott.Murdoch@thomsonreuters.com;))