Blackstone-backed Bluestar Adisseo Nutrition Group cancels Hong Kong IPO
Bluestar Adisseo Nutrition Group, the Hong Kong-registered animal feed producer owned by Blackstone Group investee China National BlueStar (Group) Co., has scrapped its planned listing on the Hong Kong Stock Exchange this month, due to the sudden onset of market volatility.
The company earlier announced that it would price the IPO at between HK$3.5-5.25 ($0.45-0.68) per share for 2.3 billion shares. If it had sold the entire offering, the company would supposedly have raised HK$12 billion ($1.56 billion). The public offering was originally supposed to open today.
Under a strategic alliance signed in 2007 between the PRC's largest chemical company ChemChina and private equity giant Blackstone, the US firm took 20% of BlueStar, investing $600 million. BlueStar later bought the French group Adisseo in 2006, and changed the company's name to create the entity that sought to list in Hong Kong.
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