China wind giant Longyuan carries out IPO - reports

China’s largest wind power producer China Longyuan Power Group has raised HK$17.5 bn ($2.26 bn) in an initial public offering (IPO) of shares on the Hong Kong stock market, traders reported.

The IPO is the world’s third largest offering by a renewable energy company. Longyuan sold 2.14 bn shares at HK$8.16 per share, at the top end of the price range offered to investors, according to reports. Longyuan has yet to have made an official announcement on the IPO. Demand from Hong Kong and investors far exceeded expectations, traders said, adding that buying was led by Chinese sovereign wealth fund China Investment Corp, and US billionaire Wilbur Ross’ WL Ross & Co.

The share issue was managed by investment banks Morgan Stanley and Log in to read complete article.

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