Carlyle, Farallon support Chinese funeral company IPO
The Carlyle Group and Farallon Capital Management will commit $35 million as cornerstone investors in Fu Shou Yuan International’s $215 million Hong Kong IPO.
The Shanghai-based funeral service provider is offering 500 million new shares at HK$2.88-3.33 apiece. The IPO is set to price on December 12 and debut on the Hong Kong Stock Exchange on December 19.
According to a prospectus, Carlyle will purchase $25 million worth of shares, while Farallon will commit another $10 million. Based on the mid-price of HK$3.10 per share, Carlyle will own 3.1% in the company with Farallon on 1.25%.
Meanwhile, China Cinda Asset Management will invest $10 million through two separate subsidiaries.
Fu Shou Yuan recorded a profit of RMB118.14 million ($19.4 million) in the first six months of this year, up 72% year-on-year, while revenue grew 32% to RMB306.7 million. Net proceeds will be used to fund land acquisitions for new cemeteries and funeral facilities.
Citi is the sole sponsor and global coordinator of the offering, with UBS and CIMB helping to underwrite the deal.
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