Investors light up Huaneng $405m placement

By Rashmi Kumar
06 Nov 2014

Huaneng Power International raised HK$3.14bn ($405m) on November 5 through a private placement of shares to nine investors. While wall-crossing efforts went on for just 24 hours, the recent rally in the company’s share price meant some of the investors had to be walked up to the final pricing.

Typically during private placements, investors are wall-crossed over a period of 48 hours. But in Huaneng’s case, joint global co-ordinators, joint bookrunners and joint placing agents Bank of America Merrill Lynch and CICC only spent one day sounding out the buyside.

“The response was very positive and ...

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