TPG-backed China Grand Auto plans $500m Hong Kong IPO – report
TPG Capital-backed China Grand Automotive Group reportedly plans to raise at least $500 million through a Hong Kong IPO early next year.
China International Capital Corp. and Goldman Sachs are working on the offering, Bloomberg reported. The Shanghai-based car dealer previously targeted an IPO in Hong Kong three years ago, looking to raise $1 billion.
According to AVCJ Research, TPG invested up to $100 million in Xinjiang Guanggui Industry Investment's auto trade and service project in 2006, which aimed at establishing 200 so-called"4S" (vehicle sales, spare parts, service and customer survey) stores in China between 2006 and 2009.
China Grand Auto launched later in 2006. The business is a joint venture with Xinjiang Guanghui and so far operates 400 4S dealerships across 20 provinces in China.
Two years ago, Shanghai Future Value Investment and Shenzhen KCH Investment invested in the company for an undisclosed sum.
China Grand Auto generated RMB72.6 billion ($9.36 billion) in revenue last year.
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