Everbright to support Termbray Petro-King's Hong Kong IPO
Everbright Private Equity will participate as a cornerstone investor in Termbray Petro-King Oilfield Services' HK$847.5 million ($109 million) Hong Kong IPO.
The private equity investor will inject about HK$69.8 million ($9 million) for a 2.2% stake in the company.
Other cornerstone investors include Value Partners Group, Minmetals Capital , Golden Prosperity Development and Clarion Valley Capital. Total cornerstone commitments come to HK$224.2 million worth of shares, accounting for 26% of the float.
According to a listing prospectus, Everbright will invest through Everbright Inno Investments Limited and CSOF Inno investment Limited, acquiring approximately 22.6 million of shares at HK$3.09 a piece, being the mid-point of the indicative offer price range
Termbray Petro-King is involved in the consultancy servicing business as well as making tools and equipment for oil and gas companies such as Sinopec.
It plans to use 50% of IPO proceeds to build new production facilities and boost its R&D capability. Another 30% will be used to purchase related equipment. The company said it expects net profit to hit HK$211 million in 2012, nearly double the 2011 figure.
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