Feihe milks investors for HK$6.7bn Hong Kong IPO

By Rashmi Kumar
07 Nov 2019

Chinese infant milk formula maker Feihe has raised HK$6.7bn ($856m) from its Hong Kong IPO. Investors put in enough orders to cover the deal by multiple times at the bottom of guidance.

Feihe offered the market 893.3m shares at HK$7.50 to HK$10 each, which represented a 2020 price-to-earnings multiple of 12 to 16 times. The listing was priced this week at HK$7.50 a share, or a multiple of roughly 12.2 times 2020 P/E, said a banker close to the situation. ...

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