BRIEF: China Resources Beverage to raise up to $650 million in Hong Kong IPO
Packaged drinking water maker China Resources Beverage Holdings Co. Ltd. (2460.HK)launched its Hong Kong IPO on Tuesday, offering nearly 348 million shares for sale, including about 38.26 million for local investors in Hong Kong. It set an IPO price range of HK$13.50 to HK$14.50, with shares available for purchase in lots of 200 and an entry fee of HK$2,929 per lot.
The listing could raise up to HK$5.04 billion ($649 million) if the shares price at the top of their range. Subscriptions will close on Friday this week, with a price fixing set for next Monday and trading debut next Wednesday.
The company is the second largest packaged drinking water seller in China. Its C’estbon brand ranked first in sales of purified drinking water products in 2023, with retail sales of 39.5 billion yuan ($5.6 billion). In the first four months of this year, the company’s profit rose 25% year-on-year to 446 million yuan.
By Lau Chi Hang
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