YST Dairy offers upstream milk play with $400m IPO
YuanShengTai Dairy Farm (YST Dairy), the fifth largest company in China's very fragmented dairy industry, kicked off premarketing for its IPO on Monday, with bankers working on the deal hoping that strong demand will enable them to shorten the traditional two-week bookbuild, which is tentatively scheduled to begin on November 11. Bankers say that the Hong Kong deal will be for up to $400m-equivalent.
If the book builds well, joint global co-ordinators Credit Suisse and Macquarie may be able to shave off perhaps half a week from the roadshow, according to one banker working on the deal. There will be cornerstone investors in the book when it opens.
Chinese dairy stocks have
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