Nongfu Spring makes a splash with HK$8.4bn IPO

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By Jonathan Breen
31 Aug 2020

Bottled water and beverage company Nongfu Spring has taken advantage of a flood of demand from institutional and retail investors for its Hong Kong IPO to price the HK$8.35bn ($1.08bn) deal at the top of guidance.

The Chinese firm is listing 388.2m shares, equal to 13.66% of its total share capital. It priced the stock last Friday at HK$21.50, translating to 35 times 2021 estimated price-to-earnings, according to a source familiar with the matter. The price values the company at HK$61.1bn.

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