Baring raises $52m in Yingde sell-down

Baring offered HK$8.05-8.25 per share, which represented a 4.2-6.5% discount on Yingde's closing price yesterday, according to Finance Asia. On the whole, the value of Yingde's stocks have increased 32% from a month ago, restoring its price to levels seen before financial instability affected markets this summer.

Following the transaction, Baring holds a 4.5% stake in the company. The PE firm was a pre-IPO investor in Yingde, which listed in Hong Kong in November 2009, raising $400 million. Baring divested a portion of its stake in the IPO, and sold another share tranche in April 2010.

Yingde, founded in 2001 in Shanghai, is a producer and distributor of industrial gas products used by iron and steel companies. Its primary products include oxygen, nitrogen and argon.

Baring Asia supported a MBO of Yingde Gases in 2006, and helped grow its operation from six gas plants to more than 20 during its holding time.

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• Topics
• Greater China
• Industrials
• Exits
• Baring Private Equity Asia
• China
• Exit
• manufacturing