PE-backed China Yongda returns with scaled down IPO
China Yongda Automobile Services has re-launched its IPO a month after pulling out of the Hong Kong listing due to weak market demand. The company has reduced its price to HK$6.60 per share, down from a range of HK$7.60-10.80, and cut the size of the offering by 20% to 253.5 million shares, not including over-allotment. If successful, it should raise HK$1.67 billion ($215 million).
Baring Private Equity Asia remains a cornerstone investor, having committed to buying $80 million worth of shares instead of as much as $120 million previously, while China-focused PE firm Prax Capital...
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