Chinese steel pipe manufacturer Chu Kong Petroleum & Natural Gas Steel Pipe Holdings Ltd is seeking to raise up to HK$1.85 billion from an initial public offering on the Hong Kong Stock Exchange.
According to documents filed with the HKEx the company plans to float 3 million new shares at an indicative price range of between HK$4.50 and HK$6.15 with an option to increase the offering size by 15%. The new shares will start trading on the HKEx on Feb. 10.
Proceeds will be used to build a new manufacturing facility, introduce new production lines, repay bank loans, expand its overseas sales network and replenish working capital.
The deal is being underwritten by JPMorgan Securities (Asia Pacific) Ltd and ICBC International Capital Ltd.
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