Blackstone-backed Bluestar relaunches IPO efforts
Bluestar Adisseo Nutrition Group, which is part-owned by Blackstone Group, is targeting a $1.5 billion dual listing in Hong Kong and Paris, the Wall Street Journal reported, citing people familiar with the situation.
The company previously attempted an IPO in Hong Kong last November - offering 2.3 billion shares at HK$3.50-5.25 apiece - but pulled out due to market volatility.
A host of companies have announced plans to list in Hong Kong in the coming weeks. They include Sun Art Retail Group, a Chinese supermarket operator, which has brought in cornerstone investors such as the Government of Singapore Investment Corp. (GIC), Tiger Global Management, Brookside, Owl Creek and General Atlantic.
However, market conditions are not easy, with several companies pricing IPOs at the low end of indicative price ranges, cutting the size of offerings or abandoning deals altogether.
Bluestar Adisseo is a leading manufacturer of animal nutrition products. It came into being when Bluestar, a company in which state-owned China National Chemical Corp (ChemChina) holds an 80% stake, bought the parent group of French firm Adisseo. Blackstone bought a 20% holding in Bluestar for $600 million in 2008 as part of a strategic alliance with ChemChina.
Morgan Stanley, Deustche Bank, CCB International, BOC International, Credit Suisse and Goldman Sachs are said to be coordinating the offering.
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