Chinese detergent maker Blue Moon Group Holdings will raise $1.27 billion in its Hong Kong IPO after pricing its shares at HK$13.16. HONG KONG: Chinese detergent maker Blue Moon Group Holdings will raise $1.27 billion in its Hong Kong IPO after pricing its shares at HK$13.16, according to three sources with direct knowledge of the matter. The price was at the top of the HK$10.20 to HK$13.16 flagged by the company when the deal launched last Friday, according to a term sheet. The sources could not be identified as the information had not yet been made public. Blue Moon did not immediately respond to a request for comment. Blue Moon, backed by private equity group Hillhouse Capital, sold 747.1 million shares in the deal which gives the company a market capitalization of up to nearly $10 billion. Hillhouse will exercise some its anti dilution subscription option to maintain its stake at 9.3%, the term sheet showed. A further 112 million shares can be sold as part of a so-called greenshoe option within the next 30 days. Six cornerstone investors led by Veritas Asset Management, the British investment fund, have taken a $235 million in the Blue Moon deal that accounts for nearly 21% of the IPO, according to the term sheet. Blue Moon's prospectus showed its net profit for the first half of 2020 reached HK$302 million ($38.96 million), up nearly 40% from the same time the previous year. The company plans to spend more than half of the IPO proceeds on building up its sales and distribution networks and a third of the money raised in expanding its production capacity, according to its prospectus.- Reuters
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