Reuters: Private Equity: UPDATE 1-Haitong considers early book close on HK offer - sources

Reuters: Private Equity Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 1-Haitong considers early book close on HK offer - sources Apr 18th 2012, 05:51 Wed Apr 18, 2012 1:51am EDT * Haitong got enough orders to cover $1.77 bln deal - sources * Offering to price on Friday HONG KONG, April 18 (Reuters) - Haitong Securities Co Ltd , China's second biggest brokerage by assets, could close the order book for its up to $1.77 billion Hong Kong stock offering one day ahead of schedule after getting more than enough orders from investors, sources with direct knowledge of the matter said on Wednesday. The orders should give some relief to Haitong and the team of banks underwriting the deal, the biggest public offering of new shares in the Asia Pacific this year. Haitong pulled a similar-sized offer in December because of volatility in global markets. Underwriters of the deal could stop taking orders from institutional investors on Thursday, one day earlier than initially planned, said three sources, who were not authorised to speak publicly on the matter. No final decision had been made on closing the books early, they said. Haitong launched the deal on Tuesday, offering 1.229 billion new shares at an indicative price range of HK$10.48 to HK$11.18 each. It is slated to price the offer on Friday, with shares beginning to trade in Hong Kong on April 27. The company got $580 million in commitments from 11 cornerstone investors, including Pan-Asia private equity firm PAG and U.S. asset manager DE Shaw & Co Ltd, according to the deal's prospectus. The deal also got about $500 million in pledges from anchor investors, one source involved in the deal said. Cornerstones back many Asian listings, committing to buy large, guaranteed stakes and agreeing to a lock-up period during which they will not sell their shares. Anchor investors have fewer restrictions on when they can sell stocks. Citigroup Inc, Credit Suisse AG, Deutsche Bank, JPMorgan, UBS and Haitong's own Haitong International are acting as joint global coordinators on the offering. BoCom International, HSBC Holdings Plc , ICBC International, Nomura and Standard Chartered Plc were also hired as joint bookrunners. Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions