GIC, Olympus investee China Minzhong boosts SGX PRC IPOs
Government of Singapore Investment Corporation (GIC) and Olympus Capital investee China Minzhong, a PRC vegetable producer and processor, is planning an S$237 million ($170 million) IPO in Singapore's biggest China listing since the GFC broke.
GIC holds a 31.2% pre-IPO stake in China Minzhong, while Olympus holds 32.2%. Other investors CMIA Capital Partners and OCBC Capital hold 23.3% and 4.2% each. Private equity investors and other substantial shareholders will be providing 39.4% of the shares offered, and are expected to receive S$93.3 million ($67.2 million). JPMorgan is sole coordinator and bookrunner on the deal, with Kim Eng and Macquarie participating as joint lead managers and underwriters. China Minzhong's proceeds are to be used for cultivation and production capacity expansion, with the private equity investors seeing their stakes pared down.
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