Profounders participates in Tibetan water producer’s IPO
China-focused Profounders Private Equity acted as a cornerstone investor in Tibet 5100 Water Resources Holdings’ $177 million IPO in Hong Kong. The firm’s Profounders I fund agreed to subscribe to a portion of shares worth $30 million, leaving it with around 16% of the total offering and approximately 3% of Tibet 5100’s total issued share capital.
The company overcame poor market sentiment - several other IPOs have been cancelled in the last week - to price its offering at HK$3, just below the mid-point of its offering range. In total, it sold 459.29...
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