Bain generates $69m through Greatview sell-down
Bain Capital has raised around $69 million from a sell-down in Hong Kong-listed Greatview Aseptic Packaging.
According to IFR Asia, the private equity firm sold 110 million shares of at HK$4.85 each, a discount of 5.65% to Greatview's close on Tuesday. Bain originally planned to sell 80 million shares but increased the number in response to demand.
Greatview, which produces packaging used for milk cartons and juice boxes as well as the machinery used in the packing process, has seen its stock surge 41% in the past year, reaching a 52-week high of HK$5.57 on February 15.
According to AVCJ research, Bain invested $40 million in 2006 for a 43.2% stake in the company. It owned 284 million shares prior to a sell-down in April 2012, when 94 million sares were offloaded at HK$4.12 apiece for a total consideration of HK$387 million ($49.9 million).
Morgan Stanley acted as sole bookrunner on the most recent sell-down.
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