PE-backed AAG plans $200m Hong Kong IPO – report

The company plans to kick off its roadshows on 5 December and is scheduled to list on the Hong Kong bourse on December 20, according to a term sheet seen by Dow Jones. About 90% of the capital will be raised from institutional investors, with the remainder allocated to Hong Kong retail investors.

The proceeds will fund AAG's development of coal-bed methane (CBM) in Shanxi province, namely the Mabi and Panzhuang concessions.

AAG engages in the exploration, development, production and marketing of CBM resources. Gross utilized annual CBM production of the top foreign CBM players in 2011 accounted for 5.5% of total production in China, of which AAG was responsible for 3.3%.

In 2008, Baring led a $88 million financing round alongside Chengwei Ventures in China CBM Investment Holdings, as part of a management buyout of Asian American Gas. Two years later, Warburg Pincus invested in the company.

Barclays and J.P. Morgan are the joint coordinators for the potential IPO.

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• Topics
• Greater China
• Exits
• Infrastructure
• China
• IPO
• Exit
• Baring Private Equity Asia
• Warburg Pincus Asia
• Chengwei Ventures Shanghai