SAIF Partners invests $80m in Guodian IPO
SAIF Partners has become a cornerstone investor in the IPO of Beijing-based Guodian Technology and Environment Group by contributing $80 million to the deal.
Guodian has attracted investment from a further four cornerstones: its supplier, manufacturer China High Speed Transmission Equipment Group, which is injecting $40 million; wind power producer China Datang Renewable, power generator China Huadian Corp.; and transmission company State Grid, which will buy $30 million worth of shares each. The five investors, which will jointly acquire 32.5% of the offering, will undergo a lock-up period of six months.
The company is aiming to raise up to $646 million, and plans to start its retail offering on Friday. Shares are scheduled to start trading on December 21st.
Last week, meanwhile, SAIF agreed to buy $30 million worth of shares in the IPO of another Chinese company, China Polymetallic Mining. The business, which is targeting up to $163 million through its floatation, previously received pre-IPO financing from Deutsche Bank Asset Management, Morgan Stanley Private Equity, Baker Steel and KR Lenders.
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