Money

China's Goldwind revives HK IPO to raise $917m

(Agencies)
Updated: 2010-09-26 14:03

HONG KONG - China's second-largest wind turbine maker Xinjiang Goldwind Science & Technology revived its initial public offering plan in Hong Kong and has set its initial public offering price on Saturday to raise up to $917 million, a term sheet showed.

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This compared with an earlier fund raising target of up to $1.2 billion which was later scrapped in June because of deteriorating market conditions.

Goldwind, already listed in Shenzhen, the smaller of the Chinese mainland's two stock exchanges, plans to sell 395.3 million new shares, or 15 percent of the company, at an initial price range of HK$15.98-HK$17.98 per share, the listing document said.

The issue could raise between HK$6.32 billion and HK$7.1 billion ($815.5-$917 million).

CICC, JP Morgan, Citigroup, Goldman Sachs and Haitong Securities are handling its IPO.