General Atlantic backs Chinese tea company's IPO
General Atlantic has committed around $54.3 million to Chinese tea company Tenfu Holdings’ $182 million IPO in Hong Kong. The US private equity firm agreed to come on board as a cornerstone investor, taking about 73 million shares at HK$5.8 apiece, which represents the mid-point of the offer range.
Cornerstone investors are subject to a 12-month lock-up period. Tenfu is offering 208.62 million new shares, or 17% of its enlarged capital, at HK$4.80-6.80 per share, 90% of which are being offered...
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