First Chinese Grid Co mandates jumbo IPO

Following its announcement of plans to restructure the entire domestic power industry, the Chinese government has awarded the mandate for the first of the regional Grid Co''s in what is expected to be a $1 billion transaction.

Morgan Stanley and CICC are believed to have been awarded joint books for the flotation of the Guangdong Grid Co, which is being used by the Chinese government as a pilot study for its reform of the entire sector. The flotation of the transmission and distribution network TD of what is currently known as the Southern Alliance is expected either late this year or at the latest early next year and although both houses are faced with a...

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